Residential property analytic provider CoreLogic® recently released new analysis showing the market is making big moves, with 850,000 additional residential properties turning to positive equity during the first quarter of 2013.
In addition, the analysis shows good news for mortgages: the total number of mortgaged residential properties standing in negative equity is down by nearly 1 million from the previous quarter, moving from 10.5 million (21.7 percent) at the end of the fourth quarter of 2012, to 9.7 million (19.8 percent) in the first quarter of 2013.
The national aggregate value of negative equity decreased more than $50 billion to $580 billion at the end of the first quarter from $631 billion at the end of the fourth quarter of 2012. This decrease was driven in large part by an improvement in home prices.
Of the 39 million residential properties with positive equity, 11.2 million have less than 20 percent equity. At the end of the first quarter of 2013, 2.1 million residential properties had less than 5 percent equity, referred to as near-negative equity. Under-equitied mortgages accounted for 23 percent of all residential properties with a mortgage nationwide in the first quarter of 2013. The average amount of equity for all properties with a mortgage is 32.8 percent. READ MORE
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