Admit it, you didn’t think it would happen this fast, right? You didn’t think by mid-March we’d be seeing such a dramatic improvement in the housing market. And it looks like the industry is outpacing itself this year big time.
1.7 million homes have already moved out of negative equity. Just the end of last year brought another 200,000 residential properties into positive territory. The stragglers have some explaining to do but basically the biggest reasons for those still underwater are:
– LTV between 100-105% (not to shabby, we should see them on this side pretty soon)
– 4.4 million have LTVs of 125% or more so they might be on the chopping block soon
– Homes in Florida, Arizona, Georgia, Michigan, and good ole’ Nevada still haven’t picked up in the fundamentals (higher employment, investor buying, foreclosure rates receding, etc.)
It’s too soon to tell how the Spring rebound will affect the hardest hit areas, but even they should benefit from the usual uptick in sales. Either way you slice it, home values are on the rise so get into short sales now now now!