Fountain Hills homes prices have been on the rise lately which is great news for underwater homeowners.
Homeowners across the country with underwater mortgages continue to decline in the second quarter, according to the Zillow Negative Equity Report. The report shows that 30.9% homeowners with a mortgage are underwater which is about 15.3 million homeowners.
It seems the the younger age group, those under 40 are especially hit hard with nearly half (48%) of those borrowers underwater.
With the recent appreciation of Fountain Hills home prices, this has caused a decline in the number of homeowners with negative equity but still we have a low supply of homes for sale, why?
Homeowners are holding out and not selling right now. Is it possible if prices have increased thus far maybe waiting a little longer will be more beneficial? Anything can happen in this crazy market.
Economists say the rebounds appear to be sustainable and will likely climb even higher, particularly with modest economic growth, future job gains, ultra low mortgage rates, and housing affordability hovering near record highs.
Zillow tracks the 30 largest markets, and among them with the steepest drop in negatively equity was Phoenix. Miami-Ft. Lauderdale was second. Las Vegas continues to have the highest percentage of underwater homeowners at 68.5% .
Do you have questions about Fountain Hills real estate? I would love to talk with you! For a quick response, you can contact me at 480 888 6708 or email me regarding Fountain Hills, neighborhoods, price trends, short sales, etc. I’ll get back to you ASAP!