91% of all mortgaged properties are now in a positive equity position according to CoreLogic. Anand Nallathambi, president and CEO of CoreLogic, reported:
"For much of the country, the negative equity epidemic is lifting. The biggest reason for this improvement has been the relentless rise in home prices over the past three years which reflects increasing money flows into housing and a lack of housing stock in many markets.”
A recent study by Fannie Mae suggests that many homeowners are unaware that their equity position has changed. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, only 9% of homes are in that position.
Every homeowner should be aware of the true equity in their house and also realize the opportunities that go along with it. If you are unsure of the savings you currently have built up in your home, contact a Reno real estate professional to help ascertain that number. You may be surprised.