Higher homes prices have lifted more metro Phoenix homeowners out from underwater on their mortgages
Only about 22% of Valley homeowners owe more than their mortgage than their house is worth now, according to real estate brokerage and date from zillow.com. That's down from a high of 36% during the fall of 2011 after homes prices plummeted to the lowest level during the housing crash.
But the rate isn't likely to drop by much more this year, according to real estate analysts forecasting a slower price appreciation for the regions housing market.
A breakdown of Phoenix-area underwater homeowners and how much they owe
Fewer than 20% of homeowners underwater owe more than 42 of what their house is worth
A range of 21% to 40% owe 22% more than their house is worth
A range of 41% to 60% owe about 12% more than their house is worth
A range of 61% to 80% owe 7% more than their house is worth
A range of 81% to 100% owe 4.4% more than their house is worth
About 13% of Valley homeowners owe more than double what their house is worth
Las Vegas has the highest negative equity rate for homeowners in the country at a whopping 35%
Nationally negative equity has fallen for the past seven quarters, freeing almost 3.9 million homeowners nationwide in 2013. The U.S. rate for homeowners underwater is slightly below 20%
For a FREE Home Evaluation on YOUR Home, check out my website or call me today!
We are a full service real estate team that believes in delivering world class service to our clients. We will do everything possible to ensure our clients real estate goals are met. Joshua Smith Real Estate Group has been rated the 30th top Real Estate Team in America by The Wall Street Journal and the only way to achieve this type of success is by providing extraordinary service to our clients. We look forward to helping you and your family accomplish your real estate goals!