There are approximately 10.7 Million residential homeowners nationwide who owe at least 25 percent or more on their mortgages than their properties are worth, and another 8.3 Million who are now only slightly under or above water, which is putting them on track to have high enough equity to sell sometime in the next 15 months without having to resort to a short sale.
The 8.3 Million include homeowners that have a loan-to-value ration from 90 to 110 percent, meaning that they have between 10 percent positive & negative equity. Those homeowners represented 18 percent of all U.S. homeowners with a mortgage as of the beginning of September 2013.
In Florida, RealtyTrack has reported that 40 percent of homeowners with a morgage(2,075,484) were "deepy underwater" with a loan-to-value ration of 125 percent or higher. Florida ranks third nationally behind Nevada (46 percent) & Illinois (40 percent).
However, 13 percent of those in Florida with a mortgage(703,474) are "resurfacing" according to RealtyTrac and now have or will son have equity. In addition to that, 12 percent of Florida homeowners are "equity rich" with a Loan-to-Value of 50 percent or lower.
RealtyTrac is also reporting that 15 percent of Florida homeowners currently going through foreclosure have equity in their homes.
“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,” says 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.”
-All data gathered from FloridaRealtors.org
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Josh Parker is the Team Leader of ProFusion Property Group at Keller Williams Realty, Inc., located in Trinity, FL, and an active Tampa YPN Committee Member. ProFusion Property Group specializes in the listing & sale of residential real estate all over Pinellas, Pasco & Hillsborough County. His team has successfully sold over 175 units for their clients in 2012, while maintaining an exceptional “sold price to list price” statistic of 99.08%. For more information, free tips, and free home searches, please visit Josh & the ProFusion Team at www.profusionpg.com!