CoreLogic recently released their 2015 2nd Quarter Equity Report which revealed that 759,000 properties had regained equity in the last quarter. That means that 91% of allmortgaged properties (approximately 45.9 million) are now in a positive equity position. Anand Nallathambi, president and CEO of CoreLogic, reported:
“For much of the country, the negative equity epidemic is lifting. The biggest reason for this improvement has been the relentless rise in home prices over the past three years which reflects increasing money flows into housing and a lack of housing stock in many markets.”
Obviously, this is great news for the financial situation of many homeowners.
But, do they realize their equity position has changed?
A recent study by Fannie Mae suggests that many homeowners are unaware that their equity position has changed…in some cases dramatically. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when only 9% of home are actually in that position.
The study also revealed that, though 69% of homes had "significant equity," only 37% of Americans realize it.
This means 32% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizeable equity position, many homeowners could easily move into a housing situation that better fits their needs.
Contact us today so we can set you up with a real estate professional who can help you ascertain just how much equity is in your house! 718-442-4400.
Thanks to our wonderful friends at KCM (KeepingCurrentMatters.com) for the amazing market information!