Tag Archives: underwater mortgage

Underwater mortgage holders dropped by more than half

The share of underwater mortgage holders — those who owe more than their homes are worth — has dropped by more than half since peaking in early 2012, according to new data from Zillows.

The decline was driven by rising home values at the lower end of the market, a turnaround from last year. Condominiums were the exception, as their values continued to lag nationwide.

As of the second quarter of 2015, Zillow’s data, which was released earlier this month, showed that 14.4 percent of homeowners with a mortgage had negative equity, compared with 31.4 percent in the first quarter of 2012, the peak.

read more at: http://www.nytimes.com/2015/09/20/realestate/fewer-underwater-mortgage-holders.html?ref=realestate

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San Diego – 10% of Homes Still Underwater

Tens of thousands of San Diego County homeowners continue to owe more on their properties than they are worth, despite the run-up in prices that has taken place over the last two years.

In the second quarter of this year, there were 46,585 county homeowners underwater on their homes, real-estate tracker Zillow reported this week. Those with negative equity make up about 10 percent of property owners in the county who have a mortgage, down from 21 percent in the second quarter of last year.

The homeowners were underwater despite an increase in the county’s median home price of more than $100,000 over the last two years.

“There were a lot of people that got caught at the top (of the housing bubble),” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “During the run-up, people were just out at a frenetic frenzy in 2006 and 2007. They didn’t care what price they paid for property.”

Negative equity in the county peaked at 35.6 percent of homeowners in the first quarter of 2012, but it appears those remaining underwater bought in areas with new construction completed just before the housing crash. Most of the negative equity in the county is in Chula Vista, Oceanside, San Marcos, Spring Valley and El Cajon.

As a whole, San Diegans who are underwater collectively owe $6.14 billion. That amount, however, should continue to decrease as San Diego home values rise, and people regain equity in their properties.

Read more at: http://www.utsandiego.com/news/2014/aug/28/zillow-negative-equity-underwater-homes-mortgages/

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Homeowners Share their Frustration With Others About Having Underwater Mortgages

Would you share with online strangers a photo of yourself with how underwater you are on your mortgage?

Are you underwater? Contact the appraisers at Southern California Appraisal Services for an appraisal now.

Three advocacy groups hope you will in order to prove a point to Edward DeMarco, the regulator of Fannie Mae and Freddie Mac.

DeMarco has frustrated state and federal leaders on his stance against writing down the principal balances of Fannie and Freddie borrowers who owe more than their homes are worth. Among those leaders is California Attorney Kamala Harris.

The grass-roots groups, who have called for the firing of DeMarco, have created a Tumblr blog called “America Underwater.” The blog, which officially launched Tuesday at america-underwater.tumblr.com, features photos of homeowners who report that they have negative equity.

The entries show a photo of the borrower holding a placard with a negative figure, indicating how underwater they are. There’s also a spot under the image where the homeowners can disclose as much or as little as they want.

An entry posted Tuesday shows a woman holding a sign that says “-$53,000” and the message:

“I am still $53K underwater AFTER a loan modification. My loan servicer won’t even consider writing down/wiping out my 2nd mortgage balance of $17K, which is just common sense!!”

Read more at: http://www.utsandiego.com/news/2012/mar/08/tp-underwater-americans-take-to-the-blogosphere/

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