Monday Market Update - August 9, 2010
Happy Monday!
A smaller percentage of U.S. homeowners were saddled with "underwater mortgages" in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate Web site Zillow.com said on Monday.
The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports.
These underwater mortgages are one of the biggest banes of homeowners since negative equity makes many of them unqualified for home loan refinancing and prevents some from selling.
It is too soon to say for sure, but this could be the first indication that the national home foreclosure rate is going to start slowing down. Another quarter of improvement will give us a better indication if this is an actual trend.
On a good note for those that do have some equity in their home it's a FANTASTIC time to refinance with rates dipping well below 5%. If you need guidance with contacting a reputable lender, give us a call.
Have a great week and remember The Cameron Team for all your real estate needs!
Have An Awesome Week!
Sincerely,
The Cameron Team
Melanie Cameron, Broker 910.233.2840
Susan Harkins, Buyer Specialist, 910.431.2362
Michelle Roberts, Buyer Specialist, 910-431-5686
Alexa Winstead, Marketing/Closing Coordinator 910.202.2547
Diligently working to exceed real estate expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw and Hampstead.
