LCL Realty: Another 8.3 Million Underwater Homeowners on Track to Resurface Before 2015

While 10.7 million residential homeowners nationwide owe at least 25 percent or more on their mortgages than their properties are worth, another 8.3 million homeowners are either slightly underwater or slightly above water, putting them on track to have enough equity to sell sometime in the next 15 months--without resorting to a short sale.

The 8.3 million include homeowners with a loan to value (LTV) ratio from 90-110 percent, meaning they have between 10 percent positive equity and 10 percent negative equity. These homeowners represented 18 percent or all U.S. homeowners with a mortgaged as of the beginning of September.

The 10.7 million residential properties with an LTV ratio of at least 125 percent represented 23 percent of U.S. residential properties with a mortgage--down from 11.3 million deeply underwater properties representing 26 percent of all residential properties with a mortgage in May 2013 and down from 12.5 million deeply underwater properties representing 28 percent of all residential properties with a mortgage in September 2012.

"Steadily rising home prices are lifting all boats in this housing market and should spill over into more inventory of homes for sale in the coming months," saying Daren Blomquist, vice president at Reality Trac. "Homeowners who already  have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate or 1.33 percent per month that they have since bottoming out in March 2012."

Upcoming Menifee Events for September

City of Menifee Events for September

Soap Box Derby
On Saturday September 7th from 8:00am to 12:00pm go check out the soap box derby in Menifee. All spots are filled but it would be a fun event to go watch and take the kids to. So go out and support your local community. Click on the following link for more information on this great event. Soap Box Derby

Teen Book Club
On Monday September 9th from 4-5pm at the Sun City Library there will be a Teen Book Club. This is an event for teens to meet new friends while enjoying a good book. There will also be activities at the end of the night. Click on the flowing link for more information. Teen Book Club

Author’s Spotlight
On Monday September 16th from 3:30-4:30pm in the Sun City Library there will be a local author talking about their book that has been published and the process behind it. There will be a new author each month. Click on the following link for more info. Author’sSpotlight