According to Zillow, the national negative equity rate was 25.4 percent in the last quarter compared to 27.5 percent at the end of 2012. That percentage represents slightly more than 13 million homeowners with a mortgage, Zillow said. However, when including homeowners with less than 20 percent home equity, the “effective” negative equity rate climbs to 43.6 percent, or a total of 22.3 million homeowners. Zillow explained that these homeowners likely can’t afford a down payment for a new home, tying them to their current homes and exacerbating the inventory shortage.
U.S. home prices appreciated at a strong pace in the first quarter as prices rose 1.9 percent from the previous quarter, the Federal Housing Finance Agency (FHFA) reported. The quarterly gain marks the seventh straight increase. Compared to the first quarter of 2012, prices were up by 6.7 percent, according to the FHFA’s seasonally adjusted, purchase only House Price Index (HPI). From February to March, the index increased by 1.3 percent. FHFA also reported 41 states plus the District of Columbia experienced quarterly price gains.
First-time jobless claims fall; sequester cuts ongoing claims. Read More
StreetLinks Lender Solutions announced the launch of AppraiserPlus program, which it says will allow appraisers to work more efficiently and receive payments the same day properties are inspected. read more
As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to ... read more
Although data shows women generally earn less income than men, results from a recent Experian study found women come out ahead when comparing how mortgage debt is managed. According to the study, men were more likely to ... read more