According to Zillow, 21% of homeowners owe more than their properties are worth. This is down from 23% in the second quarter.
“The decline in the percentage of homeowners with negative equity is a positive sign, and is directly attributable to the stabilization of home values from the second quarter to the third,” Zillow Chief Economist Stan Humphries said in a statement. “It is also attributable to many homeowners who were previously underwater on their mortgage losing their homes to foreclosure.”
This is what recovery looks like- it’s not fast, nor is it pretty. Call me an optimist, but I think that we can begin to put away “”things are going to get worse before they get better”” and replace it with “”things are getting better””. Try that on for size- it feels a lot better than perpetually waiting for the other shoe to drop!
To read the full article- courtesy of Bloomberg news- click here.