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Rising home prices offer relief for underwater homeowners

According to the most recent CoreLogic home price report, the total number of mortgaged houses with positive equity stands at 39 million. However, the report also showed that nearly 850,000 houses that had been underwater returned to positive equity during the first quarter of 2013.

The report also showed that all 50 states registered year-over-year home price gains, excluding sales of distressed homes. Anand Allathambi, president and CEO of CoreLogic, commented on the positive trends, explaining, "we expect this trend to continue, bolstered by tight supplies and pent-up buyer demand."

Through the first quarter of this year, 9.7 milliion of homeowners with a mortgage owed more on their homes than what they were worth. However, this number is down from 12.1 million homeowners for the same statistic measured at the end of 2011. The report also found that negative equity for all of the U.S. dropped more than $50 billion to $580 billion during the first quarter of 2013.

The trend of houses submerging from underwater does have the potential to buoy the national economy, since homeowners with equity in their homes can refinance and take care of lower interest rates. Additionally, many homeowners who wanted to take jobs elsewhere in the country but were unable to move due to underwater homes are now able to put their homes on the market.


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Posted on June 17, 2013 15:52:56 by Blog Author Broker.IPTV

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