Study Finds 8.3M Homeowners on Verge of Positive Equity
Home prices have rebounded so rapidly that RealtyTracis reporting 8.3 million borrowers who’ve been underwater are on track to have enough equity to sell their home within the next 15 months-without resorting to a short sale.
Metro markets that boast the highest percentage of homes with resurfacing equity include Omaha, Nebraska; Colorado Springs, Colorado; Tulsa, Oklahoma; Little Rock, Arkansas; and Raleigh, North Carolina.
In a study released Thursday, RealtyTrac also revealed that nationwide, more than 126,000 properties in the foreclosure process are actually in good equity standing-meaning they have a loan-to-value (LTV) ratio of 100 percent or lower. That figure represents 24 percent of all homes currently in foreclosure.
States with the highest percentage of positive-equity foreclosures include Oklahoma and Hawaii-both with more than half of their foreclosures above-water (57 percent and 53 percent, respectively), followed by New York (47 percent) and Texas (46 percent).