Foreclosures Decline Again In 2nd Qtr

Dated: 09/29/2014

Views: 423

Number of underwater homes in metro Denver declines in 2nd quarter

By Howard Pankratz
The Denver Post
POSTED:   09/25/2014 09:59:56 AM MDTADD A COMMENT| UPDATED:   3 DAYS AGO

Metro Denver home prices
The number of underwater homes in metro Denver declined in the 2nd quarter. (Helen H. Richardson, The Denver Post file)
Almost a third fewer metro Denver homes were valued at less than what is owed on their mortgages during the second quarter than were underwater in the first quarter, CoreLogic, a property, analytics and service provider reported Thursday.About 4.8 percent, or 30,653, of all metro Denver residential properties were underwater in the second quarter of 2014 compared with 6.7 percent, or 42,389 properties the first quarter.In addition, 2 percent, or 12,971, residential properties were at near-negative equity — or valued at less than 5 percent more than what is owed on them — in the second quarter, compared with 2.9 percent, or 18,144 in the first quarter.Statewide 63,198 properties, or 5.4 percent, were underwater in the second quarter and 27,857, or 2.4 percent, were at near-negative equity.Negative equity, or being underwater, can occur because of a decline in value, an increase in mortgage debt or a combination of both. CoreLogic has warned that properties that are at near-negative equity are at risk should home prices fall.According to CoreLogic, nationwide, 5.3 million properties, or 10.7 percent of all residential properties with a mortgage, remained underwater as of the second quarter of 2014.But CoreLogic said that nearly 950,000 homes returned to positive equity in the second quarter of 2014, bringing the total number of mortgaged residential properties with equity in the U.S. to more than 44 million.
CoreLogic CEO Anand Nallathambi said many homeowners across the country are seeing the equity value in their homes grow, which bolsters the economy as a whole."With more and more borrowers regaining equity, we expect homeownership to become an increasingly attractive option for many who have remained on the sidelines in the aftermath of the great recession," Nallathambi said in a statement. "This should prove more opportunities to people to sell their homes, purchase a different home or refinance an existing mortgage."

For more information please contact me at 303.916.2900 or visit my website at www.carlsellsdenverhomes.com
Blog author image

Carl Ballard

Carl Ballard has resided in the Denver Metro area for over 30 years. His family has worked in the Denver Metro real estate market for over 25 years. Carl has vast knowledge and familiarity with the re....

Want to Advertise on this Site?

Latest Blog Posts

5595 Darien Way Open House Saturday

     OPEN HOUSE       FEBRUARY 24th      10AM-2PMThis one of a kind home nestled in Mountain Shadows will capture your heart the moment you step

Read More

5595 Darien Way

http://brittany.denverhomesearchnow.com/details.php?mls=30&mlsid=6464016&ppc=&noreg

Read More

4 Tips To Get Approved For A Mortgage As A Sole Proprietor

Flexible hours, unlimited earning potential and no annoying boss? You must like the perks that come with self-employment. Taking your career into your own hands can be extremely rewarding,

Read More

Denver Events

Don't miss out on these upcoming Denver Events.February and March 2018 Denver Events-Start planning now for exciting 2018 events and festivals in Denver. Scroll down our month-by-month list and 

Read More