8.3 Million Underwater Homeowners Should Resurface by 2015 - Are You One of Them?

Currently 10.7 million homeowners across the nation owe, at the very least, 25% or more on their mortgages in comparison to what their properties are worth, according to a report from RISMedia.  However, another 8.3 million homeowners are brushing the surface, being either slightly underwater or slightly above water.  This means that they are on the right track to having enough equity to be able to sell, without a short sale scenario, sometime within the next 15 months.

These homeowners include those with a loan to value from 90 to 110 percent.  This means they have between 10% positive equity, and a 10% negative equity.  They additionally comprise 18% of all U.S. homeowners that have a mortgage, as of the beginning of September.


Daren Blomquist, vice president of RealtyTrac, remains optimistic.

"Even homeowners deeply underwater have reason for hope, with about 150,000 each month rising past the 25 percent negative equity milestone - although it will certainly take years rather than months before most of those homeowners have enough equity other than via short sale."

Illinois had the second highest percentage nationwide of deeply underwater homes (40 percent).  Michigan was fourth on the list (38 percent).

Are you an underwater homeowner?  What do these figures mean for you?  Send me an e-mail or give me a call, and I'd be happy to discuss your situation.