Housing equity rebounds to almost 90% for the nation
CoreLogic’s Q3 Equity Report was recently released. As a whole, the country has recovered well from the negative equity situation that existed previously. We now stand at 89.8% equity share as a nation.
According to CoreLogic’s Methodology:
“The amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position.”
The President & CEO of CoreLogic, Anand Nallathambi summed up the findings of the report well by saying:
“Negative equity continued to decrease in the third quarter as did the level of homes mired in the foreclosure process. This should hopefully translate into less friction in the housing market as we move forward. Better fundamentals supporting homeownership in the face of higher rents should attract more first-time homebuyers to the market this year and next.”
Below you will find a map of the equity share percentages of each state… Note the strength on the west coast with Oregon first in equity position at 94%, Washington a close second at 93.9% and California at 90.7%.