Posted by: youngragingbull | May 23, 2013

Underwater U.S. mortgages fall to 13 million: Zillow

As U.S. home prices increased over the last few months, the number of owners who owed more on a home than the property was worth fell to about 13 million in the first quarter from 15.7 million during the same period in the prior year, according to data released Thursday by Zillow.

On a percentage basis, 25.4% of all homeowners with a mortgage had negative equity in the first quarter, down from 31.4% during the same period in the prior year.

“The only cure is patience, as rising home values continue to build equity to the point where more homeowners can realistically sell,” said Stan Humphries, Zillow’s chief economist.

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