Home of New York Real Estate Experts
  • Home
  • Buying Info
  • Selling Info
  • BLOG
  • Join Us
  • Offer Page
  • About
    • Testimonials
    • Contact
    • Accessibility
  • NYREEX Bonus
  • Presentation Page

New York Real Estate Experts Blog Page

Homeowners Equity Position Update!

6/25/2016

0 Comments

 
Do Homeowners Realize Their Equity Position Has Changed? | Keeping Current Matters

Yesterday, we reported that according to CoreLogic's latest Equity Report, nearly 268,000 homeowners regained equity and are no longer underwater on their mortgage in the first quarter. Homes with negative equity have decreased by 21.5% year-over-year. A study by Fannie Mae suggests that many homeowners are not aware of how their equity position has changed as their home has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic's report shows that only 8% of homes are in that position. The study also revealed that only 37% of Americans believe that they have "significant equity" (greater than 20%), when in actuality, 74% do! Do Homeowners Realize Their Equity Position Has Changed? | Keeping Current Matters

This means that 37% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing). Fannie Mae spoke out on this issue in their report:

"Homeowners who underestimate their homes' values not only underestimate their home equity, they also likely underestimate: 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes."

CoreLogic's report also revealed that if homes were to appreciate by an additional 5%, over 800,000 US households would regain positive equity.

Bottom Line

If you are one of the many homeowners who is unsure of your current equity situation and would like to know your options, contact a local real estate professional who can help. 




www.NYREEX.com

 

New York Real Estate Experts Facebook

Rummy Dhanoa - Broker with New York Real Estate Experts

 

Rummy Dhanoa - Broker with New York Real Estate Experts

0 Comments



Leave a Reply.

    Archives

    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016

    Categories

    All
    Closed
    Coming Soon
    Commercial Listings
    Event
    Experts Show
    For Sale
    Habits
    Hiring
    Home Buying
    Home Tips
    Just Listed
    Market Update
    Motivation
    NYREEX Events
    OPEN HOUSE
    Real Estate
    Real Estate Agent
    Rewards
    Selling Tips
    Seminar
    SOLD
    VLOG
    Whats The Latest

    RSS Feed

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Get In Touch
Office (914) 920-2299
Fax (914) 920-2298
E-mail admin@Nyreex.com
2150 Central Park Ave
Suite 209
Yonkers, NY 10710
  • Home
  • Buying Info
  • Selling Info
  • BLOG
  • Join Us
  • Offer Page
  • About
    • Testimonials
    • Contact
    • Accessibility
  • NYREEX Bonus
  • Presentation Page