PHILADELPHIA, PA, November 16, 2012 /24-7PressRelease/ -- A Daily Finance article recently reported on the positive trend related to increases in home equity across the housing market. Increases in home equity have provided homeowners the opportunity to refinance at historically low interest rates. The gains have also enabled some owners to sell existing properties and purchase new homes. Mortgage banker and solutions company Hunter Financial Group commented on these positive developments in a statement to the press.
Overall, the piece notes the trend speaks to the confidence potential buyers have in the housing market going forward. The article referred to figures provided by real estate information provider Zillow. As of June 2012, figures of negative home equity amounted to $1.15 trillion. This amount was $42 billion less than figures reported on March 30, 2012, when the first quarter drew to a close.
According to the article, throughout 2012 a number of homeowners realized positive equity. The report shared information for the Flow of Funds data published by the Federal Reserve. This data indicated between January 1st and March 31st, home equity rates realized a quarterly improvement not seen for the past 60 years. Furthermore, the article went on to note negative equity among borrowers fell between the last quarter of 2011 to the first quarter of 2012.
In response to the statistics shared in the article, Hunter Financial Group issued a statement to the press. They commented, "There are now 1.3 million fewer people who owe more than their home is worth. This improvement reflects the trend of rising home prices. Arizona leads the pack for the most rapid gains. Home prices in Arizona rose by 17 percent compared to one year ago."
The article went on to explain an increase in the number of foreclosures also lent itself to these statistics. As banks seized homes from borrowers who were no longer able to meet their payments, negative equity figures subsequently dropped. A number of homeowners were able to sell homes worth less than what they originally paid through short sales, the article explained.
ABOUT:
Hunter Financial Group is a full-service mortgage company that provides a comprehensive suite of mortgage services and products including conforming, non-conforming, and conventional loans. The company serves customers ready to purchase a new home, refinance an existing loan or secure home equity lines of credit. The mission of Hunter Financial Group is to provide customers with the lowest possible rate while maintaining the highest standards of customer service. Their mortgage loan specialists possess decades of experience and proudly serve clients across eight states. Hunter Financial Group is a HUD/FHA approved lender.
Website: www.hfglending.com
No comments:
Post a Comment