With property values on the rise, fewer homeowners in the Twin Cities and beyond owe more than their house is worth, according to a new report from CoreLogic say. Here's the local and national breakdown of that second-quarter data:
- Average loan to value: Minnesota: 65.%, U.S.: 62.5%
- Equity share: Minnesota: 87.5%, U.S.: 85.5%
- Those in negative equity: 12.6%, U.S.: 14.5%
- Near negative equity 95-100% LTV): 4%, U.S.: 4.3%
The analysis shows that 7.1 million homes, or 14.5 percent of all residential properties with a mortgage, were still in negative equity at the end of the second quarter of 2013. This figure is down from 9.6 million homes, or 19.7 percent of all residential properties with a mortgage, compared with last year. This is good news not just for sellers, but also for buyers who have had trouble finding the house of their dreams. Fewer underwater homeowners means more new listings.
More about the local market on Thursday morning at 10 a.m. when the Minneapolis and St. Paul Area Associations of Realtors release the August sales report, which is likely to show a nearly 20-percent increase in new listings and healthy increases in sales and prices.
- Jim Buchta, residential real estate reporter.