Sometimes when the chips are down and things just seem to go from bad to worse, life can throw you a few surprises. During hard times it may seem next to impossible that there could be a light at the end of the tunnel, but for some lucky few it comes sooner than they expect. That’s the case for 850,000 homeowners.
During the first quarter of the year 850k homeowners rose out for their underwater status and managed to make their houses worth their investment again. It’s been a major indicator of how badly the housing market was doing that so many homes were undervalued. Everyone kept pointing to the negative equity piling up across the country and it had banks, homeowners, and the government scared.
But somehow 2013 has begun with a big turn-around. The early quarter rises in price plus the rebound in the economy pushing people back from the brink of default and all those homeowners able to start paying down their mortgages again, it’s a beautiful sign.
We started off this year with 10.5 million homeowners underwater, wondering how they could possibly get out of a losing proposition. But with efforts by short sale experts around the nation, refinancing options, and price rebounds from a strong sales quarter, we’re below the 10 million mark.
Now bear in mind that we’re going into a slow part of the year and we can expect big shifts in the market to slow down. But that’s not the point. Right now what we need to see is that things can change. That a bleak future is not a foregone conclusion and that with enough good will and hard work, we can make a difference.
If you have an inspiring story of a big turnaround in your life, real estate or otherwise, please share it with all of us.