Monday, May 5, 2014
By waiting It Out, Your Short Sale May No Longer Be Short! Ventura County Short Sales
Two years of relatively consecutive home price increases and a general decline in the number of distressed loans have contributed to a decreasing number of underwater borrowers. Looking at current combined loan-to-value, we see that while four years ago 34% of borrowers were in negative equity positions, today that number has dropped to just about 10% of active mortgage loans.
While negative equity levels have declined for both judicial vs. non-judicial foreclosure states from the peak of the crisis, non-judicial states are now at just under 8%, as compared to 13.4% in their judicial counterparts. Overall, nearly half of all borrowers today are both in positive equity positions and of strong credit quality – credit scores of 700 or above.
As was reported in Black Knight’s most recent First Look release, other key results include:
• Negative equity levels in the country keep falling – they've declined over 60% since their peak – and as of March, just 1 in 10 American borrowers are underwater on their mortgages. That's down from about 1 out of every 3 back in 2010.
• Home affordability is better today than it was even before the bubble. At the national level, 22% of income goes to paying the mortgage.
• Loans in the foreclosure process have now been past due for an average of 966 days, and a full 55% of those loans haven't had a payment made in over 2 years. Both of these numbers represent all time highs
• Jumbo mortgages are more popular these days. As 2013 drew to a close, jumbos accounted for roughly 9% of all mortgages, with an average credit score of 765 compared to 750 for non-jumbo loans.
Many Moorpark Homes Appreciated by over 20% Last Year. If you thinking of selling, yours may have now have enough equity to sell without being “Short”.
Pricing your home correctly the FIRST TIME is more important than ever!
If you want an accurate idea of what your home is worth Click Here:
You may now have enough EQUITY in your home to sell WITHOUT
having to be “short”. If you are thinking about a short sale I can help
you get an accurate value for your home and get back on your feet.
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