ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/12/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/12/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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The percentage of homeowners with mortgages who owe more than their homes are worth continued to rise during the first quarter, but only 1 in 10 of underwater homeowners are seriously delinquent on their loans, according to estimates released today by real estate search portal Zillow.

Zillow — which looks at outstanding loan amounts on individual properties, and compares them with estimated valuations for each home that are generated by computer models — estimates that 15.7 million homes were underwater during the first three months of the year.  That’s 31.4 percent of all homes with mortgages, up from 31.1 percent during the last three months of 2011 (not all homeowners have mortgages).

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Although just 10.1 percent of underwater homeowners were more than 90 days behind on their mortgage payments, that represents nearly 1.6 million homes that could eventually hit the market as distressed properties. Numbers like that can put fear into the hearts of would-be homebuyers, since distressed properties sell at discounts that can drag down home prices. Those effects are highly dependent on individual market conditions.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Zillow estimates that nationwide, about 2.4 million underwater homeowners owe more than double what their home is worth.  In the Las Vegas metro area, 26.8 percent of homeowners with mortgages are that deeply underwater — nearly 90,000 homes.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Negative equity “remains an issue for the housing market as a whole, and poses a risk to any recovery,”  Zillow Chief Economist Stan Humphries said in a statement. The latest numbers from the Mortgage Bankers Association show foreclosure starts and new loan delinquencies fell during the first quarter to their lowest levels since 2007.

Loans originated at the peak of the housing boom continue to comprise the majority of problem loans, the group said — 60 percent of all loans that were three payments or more past due or in foreclosure were originated between 2005 and 2007.

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