Here's a positive sign for homeowners—a new report from RealtyTrac
shows that the number of homes in the U.S. that are "deeply underwater"
has been declining, according to a recent article by
World Property Channel. A home that was "deeply underwater" was defined as a home with
a property value that was at least 25% below the home's mortgage loan
amount. The report data came from RealtyTrac's most recent U.S. Home
Equity & Underwater Report.
According to the report, there were 9.3 million deeply underwater homes
in December 2013, which accounted for 19% of all homes with mortgages
for that month. By reviewing the number of deeply underwater homes from
previous months, you can see how much this total has declined:
May 2012 (peak): 12.8 million
January 2013: 10.9 million
September 2013: 10.7 million
December 2013: 9.3 million
Here are a few other interesting findings that RealtyTrac made through
The number of homes in
foreclosure that were deeply underwater was 239,470 in December 2013. This represented
a decline of 600,000 from September 2013. The World Property Channel also
cited a CoreLogic report that showed that the third quarter of 2013 was
time when more homes with mortgages jumped from negative equity to positive
equity. Yet, even with this optimistic news, the CoreLogic report did
also note that negative equity still affect millions of homeowners and
that recovery for these individuals could take years.
World Property Channel also highlighted other interesting data. Chicago
was named among the U.S. major metro areas that had the highest percentages
of deeply underwater residential properties in December (Chicago having
33%). Furthermore, Illinois was among the states with the leading percentages
(Illinois having 32%).
If you are dealing with an
underwater mortgage and facing possible foreclosure, do not hesitate to consult with our firm's
Chicago foreclosure defense attorney. Attorney Jerry Borden provides personalized client service and promptly
returns calls and emails.
Contact Whiteman Borden, LLC today!