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Tag Archives: Underwater

More than 300K Homes Back in Equity in Q1

An analysis by CoreLogic found that roughly 6.3 million properties, or 12.7 percent of all residential properties with a mortgage, had negative equity as of Q1 2014. The first quarter of 2014 saw a decline from the fourth quarter of 2013, when 6.6 million homes had negative equity, or 13.4 percent. Underwater homes have a national aggregate value of negative equity of $383.7 billion at the end of the quarter.

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Rate Resets to Spell Trouble for Underwater Borrowers

Based on mortgage performance data as of the end of April, Black Knight Financial Services noted there are approximately 2 million modified mortgages are due for mortgage rate resets in the coming years. With the economic recovery still hobbling along, the company estimates more than 40 percent of that group remain underwater.

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Despite Declines, Negative Equity Picture Looks Grim

The company released Tuesday its Negative Equity Report for the first quarter, revealing an estimated 9.7 million homeowners continue to owe more on their mortgage than their home is worth. While the continuing downward trend in underwater rates is a welcome sign of improvement in the housing sector, the company notes that the "effective" negative equity rate remains elevated at more than one in three.

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Negative Equity Rate Down to One in 10

In its latest Mortgage Monitor Report, Black Knight Financial Services found one in 10 Americans are underwater on their home loans, down from one in three as recently as 2010. "Two years of relatively consecutive home price increases and a general decline in the number of distressed loans have contributed to a decreasing number of underwater borrowers," said Kostya Gradushy, Black Knight's manager of Loan Data and Customer Analytics.

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Equity Gains Slow; 9.1M Homes Still ‘Seriously Underwater’

RealtyTrac estimates 9.1 million U.S. homes were seriously underwater in the year's first quarter, representing a slow improvement over the past few years. "U.S. homeowners are continuing to recover equity lost during the Great Recession, but the pace of that recovering equity slowed in the first quarter, corresponding to slowing home price appreciation," said Daren Blomquist, VP at RealtyTrac.

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Four Million Homes Return to Positive Equity in 2013

As of the end of 2013, CoreLogic estimates the number of mortgaged residential properties with equity totaled about 42.7 million, representing a share of about 86.7 percent. Due to a slowdown in the quarterly growth rate of the company's Home Price Index, the share of homes with equity versus underwater homes was mostly unchanged from Q3 to Q4.

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