Positive Equity Increases for Bay Area Homeowners
Written by: Michaella Radich
Rising real estate values are helping to drive the number of underwater borrowers in the Tampa area down significantly. CoreLogic reported that 19.6 percent of Tampa residential properties were in negative equity for 2015’s third quarter. Compare this number to the reported 25.6 percent of residential properties in negative equity for the same quarter in 2014, and it is clear that some major progress has been made.
This trend is not just true for Tampa, but for the United States as a whole. A national report shows that the number of homes with mortgages in negative equity decreased by about 2 percent, when comparing the third quarter in 2014 to the same quarter in 2015.
The progress in terms of equity helps both the real estate market and overall economy.
Anad Nallathambi, president and CEO of CoreLogic, said, “The rise in home prices, expected to be at least 5 percent in 2016, will continue to build wealth and confidence across America. As this process continues, it will provide support for the housing market and the broader economy throughout the year.”
In the third quarter, Nevada (19 percent), Florida (17.8 percent), Arizona (14.6 percent), Rhode Island (12.3 percent), and Maryland (12.1 percent) had the highest percentages of homes with mortgages in negative equity. Among those states that boast the highest percentages of residential properties with positive equity are Texas (97.9 percent), Alaska (97.7 percent), Hawaii (97.6 percent), Colorado (97.2 percent), and Montana 97.1 percent).
At Infinity Abstract & Title, we work closely with lenders and realtors to help provide clients throughout the state of Florida with seamless closing processes. To learn more about the services we offer or how our expert staff can assist you in your real estate transaction visit infinityabstracttitle.com or call 813-540-3070 today! [CLICK HERE]