September 18th, 2012
Zillow recently released its second quarter Negative Equity Report, which offers another sign that the housing market may be turning around.
According to Zillow, “Overall, the cumulative amount of negative equity also declined. There were 15.3 million homes underwater, totaling $1.15 trillion in negative equity in the second quarter, down from 15.7 million homes and $1.19 trillion in negative equity in the first quarter.”
The rate of U.S. homeowners with a mortgage and negative equity declined from 31.4 last quarter to 30.9. This suggests that home values are rising, and less homeowners are underwater – meaning they owe more money on their mortgages than what their homes are worth.
With the market finally stabilizing, now is a great time to buy!