More Evidence Housing Market Is Improving:
Fewer homeowners were
underwater on their mortgages in the second quarter, helped by an improvement
in home prices, data analysis firm CoreLogic said. An "underwater mortgage" is where a home owner owes more on their home than what they could sell it for. The majority of these home owners pay their mortgage on time (The share of home owners that were underwater and up to date on their payments was 84.9 percent, up slightly from 84.8 percent in the first quarter) but are trapped in their current location. The fewer homes that are underwater, the more well-qualified buyers hit the market.
About 600,000 home owners returned to positive equity in the second quarter, adding to the 700,000 that were above water in the first quarter. That is a large number of newly eligible buyers that are ready to take advantage of fantastic rates and are willing to move forward with a purchase because they know first-hand that home values are increasing.
No comments:
Post a Comment