The recent CoreLogic Homeowner Equity Insights report indicates that only about 1.8% of homes are currently underwater, a significant improvement from 2010 when it was over 23%. This drop means fewer homeowners are at risk of foreclosure and can sell their homes without distress.
The equity growth among homeowners, coupled with the fact that many have significant equity and some even mortgage-free, illustrates a robust housing market compared to the previous housing crisis.
Recent statistics show that homeowners are making substantial down payments, with the median down payment being 18%. This solid financial standing helps homeowners better navigate potential economic downturns.
This holiday season is particularly optimistic as the data reveals that underwater mortgages are merely 0.1% away from all-time lows, promoting confidence in the housing market.
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