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!
You
may now have enough EQUITY in your home to sell WITHOUT
you get an accurate
value for your home and get back on your feet.
If you would like
periodic updates on what is going on in
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this,
Phone:
805-208-0823.
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