How Many Homes in the Country Are Still Underwater?
November 30, 2013
With the help of centrally-planned interest rates and low inventory levels, home prices have been on the rise. In September, home prices across the nation increased on a year-over-year basis for the 19th consecutive month. According to CoreLogic, a property information and analytics provider, home prices jumped 12 percent in September from a year earlier. In fact, home prices have posted double-digit gains for eight straight months.
Home prices are still 17.4 percent below their bubble peak in April 2006, but every state logged an annual increase in September. West Virginia and Arkansas posted the smallest gains at 0.9 percent and 1.3 percent, respectively. Looking ahead, Zillow predicts the negative equity rate among all homeowners with a mortgage will decline to 18.8 percent by the third quarter of 2014.