Mortgage Borrowers No Longer Under Water
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Looking to Borrow Money for Your Future NYC Home?
Your New York mortgage company is pleased to announce the 2.5 million mortgage borrowers no longer owe more on their house than they're worth. In case you haven't taken advantage of these historically low mortgage-rates in NYC, now is the time! Contact your NYC mortgage company for more information.
Thanks to a sharp increase in home prices last quarter, 2.5 million more mortgage borrowers no longer owe more on their homes than they are worth, according to CoreLogic.
By the end of June, 7.1 million, or 14.5%, of mortgage borrowers remained underwater on their loans compared with 9.6 million, or 19.7%, at the end of the first quarter. In late 2009, during the worst of the housing market's meltdown, 26% of all borrowers were underwater.
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The improvement is mainly due to soaring home prices, which jumped 7% during the quarter, according to the S&P/Case-Shiller national home price index.
The trend will likely slow as the pace of home price increases starts to steady, said Mark Fleming, CoreLogics's chief economist.
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