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Rising Prices Slowly Eroding National Negative Equity
Rising home prices lifted 200,000 homes
into a positive equity position in the fourth quarter of 2012. A total of 1.7 million homes regained equity
during 2012 according to CoreLogic's negative equity report released on Tuesday. There are now 38.1 million homes with
mortgages that now have positive equity nationwide while 10.4 million or 21.5
percent of all properties with a mortgage remain in negative territory. Another 11.3 million or 23.2 percent have
equity but at a rate below 20 percent.
CoreLogic said that 1.8 million of the
underwater homeowners have a loan to value ratio between 100 and 105
percent. Should home prices increase another
5 percent these "near equity" homeowners would be back in a positive equity
position. There were 4.4 million
properties or 9.1 percent with LTVs exceeding 125 percent in the fourth quarter.
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The national aggregate negative equity
decreased from $670 billion at the end of the third quarter to $628 billion at
the end of the fourth quarter of 2012.
At the end of the fourth quarter of 2011 the aggregate negative equity
was $743 billion.
There were 6.5 million borrowers with
negative equity and only a senior lien in the fourth quarter while 3.9 million
borrowers had both first mortgages and home equity loans but the $628 in
negative equity was almost evenly divided between the two groups. The
average mortgage balance for homeowners with only one lien was $213,000 and the
average underwater amount was $45,000.
Those homeowners with both first and second mortgages had balances averaging
$296,000 and were underwater an average of $80,000.
The bulk of equity is concentrated in
the high end of the housing market.
Eight-six percent of homes valued at more than $200,000 have equity
compared to 72 percent of homes valued below that level.
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Anand Nallathambi, president and CEO of
CoreLogic said, "The scourge of negative equity continues to recede across the
country. There is certainly more to do
but with fewer borrowers underwater, the fundamentals underpinning the housing
market will continue to strengthen. The
trend toward more homeowners moving back into positive equity territory should
continue in 2013."
North Dakota had the highest percent of
mortgaged residential properties in a positive equity position at 94.4 percent followed
by Maine (92.1 percent), New York (91.7 Percent, and Alaska (91.6
percent.) Nevada had the highest
proportion of underwater properties at 52.4 percent followed by Florida at 40.2
percent. Arizona, Georgia, and Michigan
each had over 31 percent of mortgaged homes in a negative position and these
five states together had about one third of all of the underwater homes in the
country.
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Rising Prices Slowly Eroding National Negative Equity
Rising home prices lifted 200,000 homes
into a positive equity position in the fourth quarter of 2012. A total of 1.7 million homes regained equity
during 2012 according to CoreLogic's negative equity report released on Tuesday. There are now 38.1 million homes with
mortgages that now have positive equity nationwide while 10.4 million or 21.5
percent of all properties with a mortgage remain in negative territory. Another 11.3 million or 23.2 percent have
equity but at a rate below 20 percent.
CoreLogic said that 1.8 million of the
underwater homeowners have a loan to value ratio between 100 and 105
percent. Should home prices increase another
5 percent these "near equity" homeowners would be back in a positive equity
position. There were 4.4 million
properties or 9.1 percent with LTVs exceeding 125 percent in the fourth quarter.
The national aggregate negative equity
decreased from $670 billion at the end of the third quarter to $628 billion at
the end of the fourth quarter of 2012.
At the end of the fourth quarter of 2011 the aggregate negative equity
was $743 billion.
There were 6.5 million borrowers with
negative equity and only a senior lien in the fourth quarter while 3.9 million
borrowers had both first mortgages and home equity loans but the $628 in
negative equity was almost evenly divided between the two groups. The
average mortgage balance for homeowners with only one lien was $213,000 and the
average underwater amount was $45,000.
Those homeowners with both first and second mortgages had balances averaging
$296,000 and were underwater an average of $80,000.
The bulk of equity is concentrated in
the high end of the housing market.
Eight-six percent of homes valued at more than $200,000 have equity
compared to 72 percent of homes valued below that level.
Anand Nallathambi, president and CEO of
CoreLogic said, "The scourge of negative equity continues to recede across the
country. There is certainly more to do
but with fewer borrowers underwater, the fundamentals underpinning the housing
market will continue to strengthen. The
trend toward more homeowners moving back into positive equity territory should
continue in 2013."
North Dakota had the highest percent of
mortgaged residential properties in a positive equity position at 94.4 percent followed
by Maine (92.1 percent), New York (91.7 Percent, and Alaska (91.6
percent.) Nevada had the highest
proportion of underwater properties at 52.4 percent followed by Florida at 40.2
percent. Arizona, Georgia, and Michigan
each had over 31 percent of mortgaged homes in a negative position and these
five states together had about one third of all of the underwater homes in the
country.
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