More Good News For Home Owners Under Water On Their Mortgage
Home prices have been on the rise across the United States and New Mexico is no exception. Core Logic’s Equity report was released today and there is good news in the report. The second quarter report for 2013 states that across the United States, home price appreciation helped 2.5 million home owners return to positive equity. Although 7.1 million home owners or 14.5% in the United States remain under water. Both of these numbers are good news and compare favorability over the first quarter 2013 report. According to Core Logic, 9.6 million home owners or 19.7% were under water.
Good News For New Mexico Home Owners Under Water On Their Mortgage
So what does all this mean for New Mexico home owners? New Mexico also saw improvements in the second quarter according to Core Logic. There were 11.9% of New Mexico home owners with negative equity in their home at the end of the second quarter 2013. This is a nice improvement over the first quarter of 2013 when 13.3% of home owners had negative equity in their homes. Albuquerque home prices have seen approximately 10% in July 2013 compared to July 2012.
Best and Worst States
You might be wondering which states are doing the best and which states are the worst. The top five states where mortgaged properties have negative home equity (lower numbers are better) are Nevada (36.4%), Florida (31.5%), Arizona (31.5%), Michigan (22.5%) and Georgia (20.7). The five best states where mortgaged properties have positive equity (higher numbers are better) are Montana (96.2%), Alaska (96.1%), Wyoming (95.8%), Texas (95.7%), and North Dakota (95.5%).
This post was prepared on September 10, 2013. All data quoted is from the Core Logic second quarter equity report or the Greater Albuquerque Association of Realtors July Market Statistics Report.