IRVINE, CA, Sept. 5, 2013 — RealtyTrac® (www.realtytrac.com), the nation’s leading source
for comprehensive housing data, today released its U.S. Home Equity &
Underwater Report for September 2013, which shows that while 10.7 million
residential homeowners nationwide owe at least 25 percent or more on their
mortgages than their properties are worth, another 8.3 million homeowners are
either slightly underwater or slightly above water, putting them on track to
have enough equity to sell sometime in the next 15 months — without resorting
to a short sale.
The 8.3 million include homeowners with a loan to value
(LTV) ratio from 90 to 110 percent, meaning they have between 10 percent
positive equity and 10 percent negative equity. These homeowners represented 18
percent of all U.S. homeowners with a mortgage as of the beginning of
September.
The 10.7 million residential properties with an LTV ratio of
at least 125 percent represented 23 percent of U.S. residential properties with
a mortgage — down from 11.3 million deeply underwater properties representing
26 percent of all residential properties with a mortgage in May 2013 and down
from 12.5 million deeply underwater properties representing 28 percent of all
residential properties with a mortgage in September 2012.
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| Daren Blomquist |
“Steadily rising home prices are lifting all boats in this
housing market and should spill over into more inventory of homes for sale in
the coming months,” said Daren Blomquist, vice president at RealtyTrac.
“Homeowners who
already have ample equity are quickly building on that equity, while the 8.3
million homeowners on the fence with little or no equity are on track to regain
enough equity to sell before 2015 if home prices continue to increase at the
rate of 1.33 percent per month that they have since bottoming out in March
2012.”
For a complete copy of the company’s news release, please
contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
Ginny Walker
949.502.8300, ext. 268
Brittney Marin
949.502.8300, ext. 107
Data and Report Licensing:
800.462.5193
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