Many homeowners across the nation have been underwater in their mortgage. In fact, 10.7 million of them owe at least 25% more than their properties are worth, according to Realty Trac’s US Home Equity & Underwater Rpoert for 2013. Still, 8.3 million homeowners are slightly underwater or just overwater in their mortgages, meaning that the homeowners could sell in the next 15 months and not need to resort to a short sale.
In Florida, Realty Trac reported that 40% of homeowners with a mortgage are significantly underwater, placing Florida third in the Nation behind Nevada and Illinois. However, according to Realty Trac, 13% of Florida homeowners are slowly coming out from under and now have, or will soon have, equity. The numbers also show that 12% are “equity rich,” or above water. Realty Trac also reported that 15% of Floridians going through foreclosure have equity in their houses.
According to Darren Blomquist, the Vice President of Realty Trac, “Homeowners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33 percent per month that they have since bottoming out in March 2012.”
This is all good news, as the housing market is showing growth and recovery. The Restivo Hechtman Team is here to help you buy or sell when you are ready. Call us today and let’s talk about the best plan for you.