Fast-rising home prices brought 1.5 million borrowers up from underwater on their mortgages in 2015, but there are still twice as many drowning. In total, 3.2 million homeowners nationally still owe more on their mortgages than their homes are currently worth, according to a new count by Black Knight Financial Services.
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"Widespread rising home values during the past year have helped chip away at negative equity nationwide, helping many homeowners who were only modestly underwater to come up for air. For those.
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SEATTLE, May 24, 2012 /PRNewswire/ — Nearly one-third (31.4 percent) of U.S. homeowners with mortgages – or 15.7 million – were underwater on their mortgage in the first quarter of 2012, despite rising home values, according to the first quarter Zillow Negative Equity Report. Collectively, underwater homeowners owed $1.2 trillion more than their homes were worth.
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More than 3 million underwater homeowners have returned to positive equity in the past year, due mainly to rising property values. However, it’s going to take years before a majority of homeowners who are underwater on their mortgages return to positive equity.
Still, despite the progress made as the negative equity rate falls, 4.4 million homeowners remain underwater, and about 713,000 of them owe at least twice as much as their homes’ value. Despite rising home prices early in the year, a significant portion of U.S. homeowners with a mortgage – about 44 percent – still owed more on their home than it was worth or didn’t have.
Zillow: Underwater homeowners sink deeper even as home values rise Rate of underwater mortgages stalled, worsening in some places. Despite rising home values, millions still underwater.
Despite rising home prices early in the year, a significant portion of U.S. homeowners with a mortgage – about 44 percent – still owed more on their home than it was worth or didn’t have.
Daren Blomquist, senior vice president at ATTOM Data Solutions (the new parent company of RealtyTrac), said that rising home prices. San Francisco, despite having the least affordable markets in.
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Home prices have been rising rapidly over the last year. The number of homeowners underwater on their mortgage declined by 31% or 1.5 million people in 2015. Despite this, 3.2 million homeowners were still underwater on their mortgages at the end of 2015, according to a new report by Black Knight Financial Services.