Do You Have Equity on Your Side?
When the housing bubble burst, home values plummeted, sending many mortgages underwater. Thankfully, the tide has turned: According to RealtyTrac, negative equity rates are at their lowest level since peaking in 2012.
• As of the end of the third quarter, 16.9 percent of U.S. homeowners with a mortgage are underwater, down from a peak of 31.4 percent in 2012 Q1.
• The negative equity rate is less than half of its peak value in 23 of the largest 35 metro areas.
• Negative equity is forecasted to fall further, projected to be 15.2 percent in 2015 Q3.
• 1.9 percent of homeowners with a mortgage remain significantly underwater, owing more than twice their homes’ value.
A word of advice: Don’t try to figure out…