A Corelogic analysis of quarterly data from 2013 revealed expected, and unexpected, results of equity of mortgaged homes nationwide. According to the Corelogic report, 4 million homes gained value and moved into the black with positive equity in 2013, that is 42.7 million homes nationwide.
The quarterly growth rate of the Home Price Index also shows a slowdown quarter to quarter in 2013, which indicates the level of underwater homes will stay in the red for longer than many hoped.
So what does this means for Southern California homeowners and our real estate market? The answer depends on each unique situation. Homeowners cresting the equity line will either realize some return if selling, while others will experience a ‘wash sale’, which is a sale without any monetary realization, but not a short sale neither.
Are you considering buying or selling your Southern California home? Do you want to investigate further how much equity you could have, if any? Call or email us anytime to discuss your particular situation: