Higher Home Prices Pulled 850,000 Homeowners Out Of Negative Equity In The Last Quarter
There are 2 comments on the www.businessinsider.com story from Jun 12, 2013, titled Higher Home Prices Pulled 850,000 Homeowners Out Of Negative Equity In The Last Quarter. In it, www.businessinsider.com reports that:
9.7 million or 19.8% of all residential properties with a mortgage were still underwater in Q1 2013, according to CoreLogic's negative equity report. This is down from 10.5 million or 21.7% in Q4 2012.
Homeowners are in negative equity when they owe more on their mortgage than their home is worth.
The value of all homes in negative equity fell by $50 billion to $580 billion at the end of the first quarter.
Rising home prices have helped moved more homes into positive equity. "We are still far below peak home price levels, but tight supplies in many areas coupled with continued demand for single family homes should help us close the gap," said Anand Nallathambi, CEO of CoreLogic in a press release.
Join the discussion below, or Read more at www.businessinsider.com.
#1 Jun 12, 2013
Lower home prices means that it is a good time to BUY a home!
There are TWO times when the value of a home is important:
1) When you buy
2) When you sell
Otherwise it is a matter of PAYING a monthly fee (mortgage) to a bank as a kind of 'rent'.
So, if you are going to buy - do it now!!
If you have a home and want to sell - prices are going up and you may want to hold on just a bit longer.
Good to see the market is finally turning around.
#2 Jun 12, 2013
IN CHINA MANY OF THE HOUSES ARE PAID OFF IN 3 YEARS.
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