Dec 11, 2013 in Homeowner. 0 Comment
In many parts of the U.S., rising home prices along with a shrinking pool of available inventory means that fewer Americans find themselves underwater.
According to Zillow, the third quarter of 2013 saw the fastest declining negative equity rates on record; 21percent of all homeowners with a mortgage. In the previous quarter, that number was 23.8 percent, and at its peak, in the first quarter of 2012, 31.4 percent properties were underwater.
Around 1.4 million Americans were freed from negative equity during the third quarter of 2013.
Zillow Chief Economist Dr. Stan Humphries says, “… negative equity will remain a factor for years to come, and must be considered part of the new normal in the housing market. Short sales will remain a persistent feature of the market as many homeowners remain too far underwater for reasonable price appreciation alone to help.”