A major sticking point for the housing crisis was the amount of “underwater” homeowners. These people with no way out of an overpriced mortgage, often unemployed, were the postcard of the burst economy. And that’s why this news is so refreshing.
Based on numbers from the first quarter of this year, less than 25% of homeowners are underwater on their mortgages. That’s a huge improvement over the end of last year – down nearly 2 million people.
This is spread out through almost all major metro areas and is based on some striking improvements in home value. It’s a welcome change for struggling homeowners and real estate investors alike. You’re going to see a lot of homes going up for sale shortly as people try to make their fortunes under better terms.
This will of course present opportunities to savvy investors, while causing some short term dips in prices. But with some patience you’ll see your investments soar. So get moving!