Residential Property Return to Positive Equity

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4 Million Residential Properties Returned to Positive Equity in 2013

A new analysis by CoreLogic shows that 4 million homes returned to positive equity in 2013, bringing the total number of mortgaged residential properties with equity to 42.7 million. The CoreLogic analysis indicates that nearly 6.5 million homes, or 13.3 percent of all residential properties with a mortgage, were still in negative equity  at the end of 2013. Due to a small slowdown in the quarterly growth rate of the Home Price Index, the negative equity share was virtually unchanged from the end of thPositive Equitye third quarter of 2013.

For the homes in negative equity status, the national aggregate value of negative equity was $398.4 billion for fourth quarter 2013, compared with $401.3 billion for third quarter 2013, a decrease of $2.9 billion.

Of the 42.7 million residential properties with positive equity, 10 million have less than 20 percent equity. Borrowers with less than 20 percent equity, referred to as “under-equitied,” may have a more difficult time obtaining new financing for their homes due to underwriting constraints. Under-equitied mortgages accounted for 21.1 percent of all residential properties with a mortgage nationwide in 2013, with more than 1.6 million residential properties at less than 5 percent equity, referred to as near-negative equity. Properties that are near-negative equity are considered at risk if home prices fall

 

Mortgage rates: Week ending 3/13/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.37% fees/points: 0.6%
  • 15-yr. fixed: 3.38% fees/points: 0.6%
  • 1-yr. adjustable: 2.48% Fees/points: 0.4%

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Since 1970 Rinetti & Co. Realtors has been selling residential and commercial real estate throughout the greater East Bay. We are boutique real estate company with a single focus, exceptional customer service from start to finish. Rinetti & Co. Realtors has the experience and practical knowledge to adapt to changing market conditions while providing our clients expert advise when buying or selling a home. If you’re considering making a move please contact us and see the difference Rinetti & Co. Realtors can make for you.

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