“The number of homeowners who owe more on their mortgages than their houses are worth has declined this spirng in the Asheville area, a national real estate researcher reported Thursday (09/25/14). In Asheville, 4.2%, or 3,165 of all residential properties with a mortgage were in negative equity as of the second quarter of 2014 compared to 5.0%, or 3,713 properties in the first quarter of 2014, CoreLogic said…the trend in the Asheville area follows the rest of the nation…
Nearly 950,000 homes returned to positive equity in the second quarter of 2014, bring the total number of mortgaged residential properties with equity in the US to more than $44 million. Nationwide, borrower equity increased year over year by about $1 trillion from April to June….
…The CoreLogic analysis indicates that about 5.3 million homes, or 10.7% of all residential properties with a mortgage, were underwater in the second quarter compared to 6.3 million homes, or 12.7%, for the first quarter…A year ago, 7.2 million homes, or 14.9% of all mortgages, were underwater.
‘Many homeowners across the country are seeing the equity value in their homes grow, which lifts the economy as a whole,’ said Anand Nallathambi, president and CEO of CorLogic. ‘With more and more borrowers regaining equity, we expect homeownership to become an increasingly attractive option for many who have remained on the sidelines in the aftermath of the great recession. This should provide more opportunities for people to sell their homes, purchase a different home or re-finance an existing mortgage.”
SOURCE: Dale Neal/Asheville Citizen Times