A recent report from CoreLogic, a residential property information, analytics and services provider, showed that 4 million homes returned to positive equity in 2013, another encouraging sign for the housing market's future.
According to the data, the total number of mortgaged properties with equity now stands at 42.7 million. And while there are still nearly 6.5 million homes underwater - or in negative equity - the latest improvements are a sure sign that the market is finding a healthy balance. Experts note that the home equity gains were primarily due to the strong price appreciation seen in 2013 as it was common to see annual home price growth in the double digits.
"Stability and growth in the housing market are essential for a durable recovery of the U.S. economy," said Anand Nallathambi, president and CEO of CoreLogic. "The rebound in home prices in 2013 helped 4 million property owners regain at least some positive equity in their largest asset - their home. We still have a long way to go to eliminate the negative equity overhang but significant progress is being made every day across most of the country."
Selling in the Twin Cities?
Locally, CoreLogic reports that less than 10 percent of Minnesota homeowners have negative equity - down from 16.4% at the end of 2012. If you've come out from underwater and are considering selling, reach out today to get connected with one of our local market experts.