712,000 US Homes Moved Into Positive Equity in 2017
712,000 US Homes Moved Into Positive Equity in 2017. CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.
The report also revealed:
- The average homeowner gained approximately $14,900 in equity during the past year.
- Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.
- U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.
The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.)
Significant Equity Is on The Rise
Frank Nothaft, Chief Economist at CoreLogic, believes this is great news for the “housing market.” He went on to say:
“Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. This increase is primarily a reflection of rising home prices, which drives up home values, leading to an increase in home equity positions and supporting consumer spending.”
712,000 US Homes Moved Into Positive Equity in 2017
Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.
The map below shows the percentage of homes by state with a mortgage and significant equity.
Bottom Line
If you are one of the many homeowners who are unsure of how much equity you have in your home and are curious about your ability to move, let’s meet up to evaluate your situation.
Call Us Now To Sell Your Home…
Office: 909.985.9392 or Text Us: 714.657.6634
$56Million, 112 Acres, Brentwood, CA …Actually a Steal
Robert Taylor Ranch Listed for $56 Million How can we say a "a steal"? Brentwood, CA is one of the most expensive zip codes in the US and high ranking in the world. When you consider that the average home in this part of Beverly Hills, Holmby Hills, etc... will sell...
It's Official…New Buyers Must Meet June 30 Close Deadline to Get Tax Credit
It seems our illustrious government representatives can't find a common ground to on which to meet...what's new? With the recent defeat of HR 4213 on The Hill...it leaves an uncertain feeling in the mouths of buyers that are trying to take advantage of the $8,000.00...
Nixon’s Former San Clemente, California Estate Gets Another Price Cut
It appears that not even the title of The President of The United States can salvage an offer in todays Southern California home market. This exquisite example of a Spanish Revival...predominant on So Cal's Gold Coast during the 1920's and '30's...wreaks of a relaxed...
Charlize Theron Renting Her Malibu Beach House for $50,000/Month
I'm wondering if the home is a beautiful as she is? For the price of a brand-new car, you can rent a home in Malibu. It’s not just any Malibu home, but the home of actress Charlize Theron. The South Africa native is renting it out for $50,000 per month, according to...
What? Prisoners Buying Homes And Getting Tax Credit!
Home Tax Credit….Dead…No Extension
The proposal was simple and necessary: Extend the closing date for the home buyer tax credit from June 30th to September 30th — not the tax credit itself, which required buyers to sign a contract by April 30th, just the closing date. Anybody who has ventured into the...
Fannie Mae To Penalize Walk Aways…Better Known As Foreclosure!
Pull Back On Housing? CEO Of Redfin and Others Are….
How often to you hear a real estate broker bash housing? For me it's twice in two days. I had a chance today to sit down this morning, via satellite, with the CEO of online real estate brokerage Redfin, Glenn Kelman, who is one of the few people actually making money...
Consumer Spending Up…Paying Mortgages Down…Strategic Short Sales
The numbers are telling us some crazy things... It seems that Americans are placing themselves in a unique conundrum. With housing prices continuing to drop, many Americans are turning to loan mods and short sales to reduce their liabilities. As many are aware,...
Home Sales Tumble In May..Tax Credit Gone So Are Buyers
Sales of previously owned homes fell unexpectedly in May as delays in processing mortgage applications hampered the closing of contracts benefiting from a popular homebuyer tax credit, an industry group said on Tuesday. The National Association of Realtors said sales...
Double Dip In Housing Will Cause Slow Economic Recovery
The US economy faces a perilous second half as a new set of problems hits real estate and thwarts any chance for a strong recovery, banking analyst Meredith Whitney told CNBC. cnbc.com Meredith Whitney While stopping short of predicting a full-blown double dip in the...
Sergei Fedorov Selling His Detroit Mansions on Short Sale
Sergei Fedorov, better known for scoring hat tricks than missing mortgage payments, is facing foreclosure on two of his Michigan mansions. The ex-Red Wings star owes more than $2 million on two Bloomfield Hills properties, according to Detroit News. The PrivateBank...
As Loan Mods Fail Banks Accept More Short Sales To Avoid Foreclosures
HAMP Program Falling Flat..155,000 Borrowers Left Program Last Month!
WASHINGTON — The Obama administration's flagship effort to help people in danger of losing their homes is falling flat. More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds...
End of Your Emotional Rope! Strategic Short Sale
This is a video from CNN that is beating up this guy about his decision to do a Strategic Short Sale. However, this homeowner "investor" is right! Morally wrong? Is it morally wrong for banks to default on their properties? or is it a business decision? The last 4...
Some Fun Facts…We All Need A Break From Short Sales!
Interesting and Fun Facts: In the 1400's a law was set forth in England that a man was allowed to beat his wife with a stick no thicker than his thumb. Hence we have 'the rule of thumb' Many years ago in Scotland , a new game was invented. It was ruled 'Gentlemen...