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Chicago Gets an Equity Boost

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Chicago Agent Magazine

By James Mcclister

A new analysis from CoreLogic found that rapacious home price appreciation over the last year has had the well-received effect of dredging the industry’s depressed seabed and buoying homeowners into positive equity – or simply improving it for those already above water.

In the first quarter of 2015, more than 250,000 properties regained equity, which bolstered the overall number of mortgaged residential properties with equity to about 45 million, or 90 percent of all mortgaged properties.

Breaking the 90 percent mark is a significant milestone in the more encompassing housing recovery, but it’s not the first time the industry has reached the level in recent years. In the third quarter of 2014, mortgaged properties with equity also reached a 90 percent share of all mortgaged properties before dropping to 89 percent later that year. From Q4 2014 to Q1 2015, negative equity among mortgage holders dropped from 5.4 to 5.1 million. Year-over-year, numbers fell 12.9 percent from 6.3 million.

Equity in Chicago was less widespread, as only 81 percent of residential mortgages were above water. The city’s numbers are up from 2014’s first quarter, when negative equity share was 21.9 percent, which is a positive sign for Illinois’ biggest metro, as is the drop in near negative equity mortgages from 3.8 percent in Q1 2014 to 3.6 percent in Q1 2015. [Read More…]

 

 

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