I keep hearing all these positive things about the U.S. housing market these days. But closer to home, bad news is still surfacing. CoreLogic, a leading residential property information, analytics, and services provider, released its Q1 2013 Equity Report this morning, and while nationally the news is good (from the accompanying news release):
Approximately 850,000 more residential properties returned to a state of positive equity during the first quarter of 2013, and the total number of mortgaged residential properties with equity currently stands at 39 million. The analysis shows that 9.7 million, or 19.8 percent of all residential properties with a mortgage, were still in negative equity at the end of the first quarter of 2013 with a total value of $580 billion. This figure is down from 10.5 million*, or 21.7 percent of all residential properties with a mortgage, at the end of the fourth quarter of 2012.
Locally, the equity report sucks.
CoreLogic found that as part of the largest 25 U.S. metropolitan areas, the percentage of mortgaged properties in negative equity in the Chicago/Joliet/Naperville, Illinois-area stood at 34.2 percent at the end of the first quarter.
Noting that this came out to approximately 519,000 homes, Chicago Tribune real estate reporter Mary Ellen Podmolik pointed out this morning on their website:
That compares with more than 511,000 underwater properties, or 33.7 percent of homes with a mortgage, at the end of December.
Meaning, around 8,000 more homes were underwater (more owed on the mortgage than the property’s value) quarter-over-quarter.
It will be really interesting to see the forthcoming CoreLogic Q2 2013 Equity Report, considering all the optimism I encountered about local housing market conditions while house-hunting these past few months.
You can read the entire CoreLogic news release on their website here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Podmolik, Mary Ellen. “CoreLogic: Homes underwater increase in Chicago area.” Chicago Tribune. 12 June 2013. (http://www.chicagotribune.com/business/breaking/chi-corelogic-underwater-homes-20130612,0,723265.story). 12 June 2013.
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