Posted To: MND NewsWire

According to Dr. Frank Nothaft, chief economist for CoreLogic, “Ten years ago, during the depths of the Great Recession, more than 11 million homeowners had negative equity.” This was a quarter of mortgaged homes, he said. Times have certainly changed. The third quarter report from CoreLogic on the equity in U.S. residential property shows only about 2 million homes to be underwater , with a higher balance on the mortgage or mortgages than the homes’ value. This is 3.7 percent of all mortgaged properties. The national aggregate value of negative equity was approximately $301 billion at the end of the third quarter of 2019. This is down quarter over quarter by approximately $2.4 billion, from $303.4 billion in the second quarter of 2019 and the number of homes affected was 220,000 fewer than…(read more)

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Source: Mortgage News Daily