The increase in consumer confidence we are experiencing must have something to do with the return of home equity.
This movement improves the USA economic stability, but, it still does not answer the tax base issues being experienced in many cities across the country. Cities are still suffering from a smaller tax base since 2008.
But, we getting there. I think this is really good news.
Minneapolis, Minnesota (PRWEB)
September 14, 2012
...The breakdown (click here) of information, and good news for homeowners, in CoreLogic's report is:
• This is down from 11.4 million properties, or 23.7 percent, at the end of the first quarter of 2012.
• An additional 2.3 million borrowers possessed less than 5 percent equity in their home, referred to as near-negative equity, at the end of the second quarter.
• Approximately 600,000 borrowers reached a state of positive equity at the end of the second quarter of 2012.
• More than 700,000 home borrowers moved into positive equity in Q1 of 2012.
• Over 1.3 million households regaining a positive equity position since the beginning of the year.
• The share of borrowers still underwater but current on their payments was 84.9 percent at the end of the Q2 in 2012, up from 84.8 percent at the end of Q1 in 2012.
“The level of negative equity continues to improve with more than 1.3 million households regaining a positive equity position since the beginning of the year,” said Mark Fleming, chief economist for CoreLogic. “Surging home prices this spring and summer, lower levels of inventory, and declining REO sale shares are all contributing to the nascent housing recovery and declining negative equity.”...
