Posts Tagged ‘home value’

Homeowner Equity On the Rise

Posted on June 15, 2017 by Laura Lam

Homeowner equity increased significantly in the first quarter of 2017, according to the Q1 2017 home equity analysis from CoreLogic.  Homeowners with a mortgage, about 63% of all homeowners, saw their equity increase by 11.2% for a total of $766.4 billion since the first quarter last year. The average homeowner gained about $13,400 in equity over the last year. The total number of mortgaged residential properties with negative equity decreased 3% from the fourth quarter to 3.1 million homes, or 6.1% of all mortgaged properties. This is a drop of 24% from 4.1 million homes in the first quarter last year….

Majority of Homes Priced Below Pre-Recession Peak

Posted on May 17, 2017 by Laura Lam

While many reports show that home prices in many markets surpassed their previous peak, Trulia’s new study shows this is just the average, and more homes than not have yet to recover their full value lost in the recession.  When it comes to individual homes, the U.S. housing market has yet to recover, according to the study. It shows just 34.2% of homes reached values surpassing their pre-recession peak. While a full 98% of homes in Denver and San Francisco surpassed their pre-recession peaks, this is not the case across other metros in the U.S. In Las Vegas and Tucson, Arizona,…

Home Equity Demand Picks Up

Posted on February 06, 2017 by Laura Lam

Thanks to a confluence of factors, many banks and credit unions are predicting a surge in originations of both home equity loans and home equity lines of credit in 2017.  Driving the demand, bankers said, is that homeowners finally seem ready to take advantage of the appreciation in home values and pull the trigger on home-improvement projects they have been putting off, said Logan Pichel, the head of consumer lending at Regions Financial. Another contributing factor is that banks are carrying relatively low balances of home equity loans, so they have plenty of room to originate new loans. Though it…

Homeowners and Appraisers Don’t See Eye to Eye

Posted on January 20, 2017 by Laura Lam

For the past few months, homeowners’ estimates of their home prices grew closer and closer to the appraised amount, and in November they nearly hit the mark. However, homeowners couldn’t predict December’s sudden decrease.  But for the first time in six months, the gap between homeowner estimates and the appraised prices widened, according to Quicken Loans’ National Home Price Perception Index. The average appraised value fell 1.33% below homeowners’ expectations in December, a greater gap than November’s 1%.  This sudden reversal could be due to home prices slipping in December by 1.19% monthly. Despite the decrease, however, prices were still up by 3.85% annually….

Consumer Delinquencies Hit New Low

Posted on October 24, 2016 by Laura Lam

Consumer delinquencies fell last quarter to their lowest point in at least 15 years, according to quarterly data released by the American Bankers Association (ABA).  The percentage of overdue closed-end loans was 1.35% in the second quarter, down three basis points from the first quarter. The ABA’s so-called composite ratio tracks delinquencies in 8 closed-end installment loan categories including personal, home equity and direct auto loans. It defines a delinquency as a payment that is 30 days or more overdue. The latest figure was the lowest since at least 2001, and it marked nearly 4 years of delinquencies below the…

National Home Values are on the Rise

Posted on September 15, 2016 by Laura Lam

Zillow is reporting that national home values have risen for the 48th straight month as of this July, reaching an average of $187,300 in the latest Zillow Home Value Index (ZHVI).  Home values are up 5% over the past year and have been consistently climbing since August 2012, but still remain 4.7% below peak, which was hit in April 2007 when the median home value was $196,600, Zillow revealed in a new report. Portland, Dallas and Denver reported the highest year-over-year home value appreciation among the 35 largest metros across the country. In Portland, home values rose almost 15% to a…

Homeownership Rate Declines to Lowest Since 1965

Posted on August 01, 2016 by Laura Lam

The homeownership rate fell to the lowest level in more than 50 years as rising prices put buying out of reach for many renters.  The share of Americans who own their homes was 62.9% in the second quarter, the lowest since 1965, according to a recent Census Bureau report.  It was the second straight quarterly decrease, down from 63.5% in the previous three months. First-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings. Home prices rose 5.2% in May from a year earlier, according to…

Fewer Homes in Negative Equity

Posted on September 08, 2015 by Saldutti

The U.S. negative equity rate dropped below 15% in the second quarter of 2015, according to the Zillow Negative Equity Report, but nearly 20% of condo-owners remain underwater.  Condo-owners were in far worse shape than single-family homeowners in Chicago, Orlando and Las Vegas. In only 3 markets – Detroit, Memphis, and Pittsburgh – single-family homeowners were more likely to be underwater than condo-owners. A high rate of homeowners who owe more on their mortgages than their homes are worth is a lingering effect of the real estate crisis. At its worst, more than 15 million homeowners were upside down on their homes. Foreclosures, short sales and rapidly…