Some good news has surfaced for homeowners. According to the most recent Equity Report by Corelogic, almost 268,000 homeowners have regained their equity in the first quarter. Homes that were previously underwater and in negative equity have decreased year-over-year by 21.5%.
Explains in a study that a lot of homeowners do not actually realize the equity position they are in, and are unaware their home has grown in value.
Of the 23% of homeowners who believe their homes are still in negative equity, only 8% are actually still in that position according to the Corelogic report.
Only 37% of American homeowners believe themselves to have "significant equity" (which is anything great than 20%). In actuality, 74% of homeowners possess significant equity!
Only a few Americans are knowledgeable about their current equity status, meaning many are missing out on very valuable opportunities. Many homeowners with significant equity have the chance to re-locate into homes that better meet their needs; however, lacking the knowledge of their current equity situation is stopping them from taking advantage.
“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.”
The report by CoreLogic revealed that by homes simply appreciating by an extra 5%, more than 800,000 homes would regain their positive equity.
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