New data released by CoreLogic in their latest equity report show more good news for the U.S. housing market. In the last quarter of 2014, 5.4 million homes (10.8% of mortgages) had negative equity. However, in the first quarter of 2015, consistently rising home prices resulted in 254,000 properties regaining positive equity status, bringing the percentage of negative-equity homes down to 10.2%. This increase in wealth represents a hopeful trend for both the housing market and the economy as a whole.
While the trend nation-wide is positive, there is a large amount of variation regarding home equity between states. In fact, just five states together accounted for over 30% of all mortgages with negative equity:
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Fannie Mae has just released their May 2015 National Housing Survey, which asked 1,000 consumers for their views and attitudes about home ownership. The results? Attitudes and incomes are both strengthening. In fact, 28% of those surveyed reported significant income growth in the past 12 months, up six percent in the last two months and nearing an all-time high. Naturally, an increase in income reflects positively on the future of the housing market. Even so, income growth wasn't the only good news in the survey!
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