CoreLogic, a California based research firm, reported that as of the 3rd quarter of 2013, the number of properties with a mortgage in the US is about 42,6 million. About 6.4 million – or 13% – still have a negative equity.
CoreLogic indicates that, of those 42.6 million properties with positive equity, 10 million have less than 20% equity, leaving them in a situation where it’s still hard to refinance due to underwriting constraints.
"Fewer than 7 million homeowners are underwater, with a total mortgage debt of $1.6 trillion," said Mark Fleming, chief economist for CoreLogic. "Negative equity will decline even further in the coming quarters as the housing market continues to improve."
The state of Nevada had the highest percentage of mortgage properties in negative equity at 32.2%, followed by Florida (28.8%), Arizona (22.5%), Ohio (18%) and Georgia (17.8%).
HousingWire.com article by KerriAnn Panchuk
PS: let’s remember that many transactions are cash: According to this very nice RealtyTrac study, all-cash purchases nationwide accounted for 40 percent of all sales of residential property in July.
Thanks for reading, and may you have an excellent Holiday Season!
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non-profit organization worth noting: Partners for New Generations.