Millions in U.S. No Longer Underwater

September 5, 2013
Stockton Record (CA)  
mortgage lending news

While more than 10 million Americans still owe at least 25 percent more on a home loan than the property is worth, residential appreciation has put 8.3 million others on track to sell without taking a loss by the end of next year.

According to RealtyTrac, about 18 percent of U.S. homeowners now have achieved a small margin of equity or are close to the break-even point, defined as property value within the range of 90 percent to 110 percent of the outstanding mortgage balance. "Steadily rising home prices are lifting all boats in this housing market and should spill over into more inventory of homes for sale in the coming months," remarked RealtyTrac Vice President Daren Blomquist.

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