Homeowners Recovery from Negative Equity

When the housing bubble burst around 2007, many homeowners suddenly found themselves with negative equity. This is when their home loans had balances higher than the value of the home, as determined by sale prices in the local market. Since then, many homeowners have been struggling toward recovery, trying to keep up with their mortgage payments and keep the home in good condition until the balance was greater than the home value.

The good news is that at the end of 2012, only 21.5 percent of homeowners had negative equity, whereas a year before, the number was 25 percent. To achieve this, 1.7 million people paid down their home loans enough to have positive equity. In addition, many of the homeowners who still have negative equity are likely to recover in the coming year because their amount of negative equity is so low.

If you have any questions about your home loan and how much equity you have, we would be happy to help. Contact Avis Lending today with all of your questions, and let us assess your situation and tell you about ways to increase the amount of equity you have in your home.

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