According to Realty Trac 10.7 million residential homeowners nationwide owe at least 25% or more on their mortgages than their properties are worth...a staggering statistic. Another 8.3 million homeowners are now only slightly underwater or slightly above water, putting them on track to have enough equity to sell sometime in the next 15 months without resorting to a short sale.
In Florida, Realty Trac reports that 40% of homeowners with a mortgage (2,075,484 mortgages total) were "deeply underwater". Florida ranks third behing Nevada (46%) and Illinois (40%) in this category. Michigan (38%), Rhode Island (34%) and Ohio (31%) round out the top 6.
- 12% of Florida homeowners are "equity rich" with a loan to value of 50% or lower.
- Of the 8.3 million mortgages in Florida that are at equity or near equity value represent 18% of all U.S. homeowners with a mortgage.
- Realty Trac reports that 15% of Floridans currently goin through foreclosure have equity in their homes.
- Nationwide 7.4 million homeowners with a mortgage had 50% equity or more representing 16% of all homeowners with a mortgage. The leading markets with homeowners that have at least 50% equity include Honolulu (36%), San Jose, Calif (35%), Poughkeepsie, NY (30%), Pittsburgh (29%), San Francisco (29%) and New York (27%).
Posted by Kevin Aizenshtat, Realtor with Gulf Coast International Properties. Kevin can be reached at 239-777-1451 or by email at [email protected].
Warmest Regards,
Kevin Aizenshtat
Realtor