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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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Dallas Region Ranks No. 1 in U.S. for Homes in Positive Equity

June 12th, 2013 | by The Update
Dallas-Region-Ranks-No.-1-in-U.S.-for-Homes-in-Positive-Equity-6109-Kenwood-Avenue.jpg

This lovely stone home with two bedrooms and an office is at 6109 Kenwood Avenue. It is in the coveted Stonewall Jackson school system.

The Dallas region had the highest percentage in the U.S. of residences in positive equity in the first quarter of 2013, according to a report released today by CoreLogic, which compiles data on residential property nationwide.

At 91.7 percent, the Dallas-Plano-Irving metropolitan statistical area (MSA) clocked in above the Houston; Nassau, N.Y.; Philadelphia; and New York City regions in the Top 5 MSAs with the highest percentage of homes in positive equity. The Tampa, Fla., region had the highest number of homes in negative equity.

“The negative equity burden continues to recede across the country thanks largely to rising home prices,” said Anand Nallathambi, president and CEO of CoreLogic. “We are still far below peak home price levels, but tight supplies in many areas coupled with continued demand for single family homes should help us close the gap.”

In its report, CoreLogic found that about 850,000 more residential properties returned to positive equity during the first quarter of 2013, and the total number of mortgaged residential properties with equity 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.

Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

The national aggregate value of negative equity decreased more than $50 billion to $580 billion at the end of the first quarter from $631 billion at the end of the fourth quarter of 2012.

This decrease was driven in large part by an improvement in home prices. Metroplex home prices have been increasing for the past year.

“The impressive home price gains of 2012 and the beginning of 2013 have had a big impact on the distribution of residential home equity,” said  Mark Fleming, chief economist for CoreLogic. “During the past year, 1.7 million borrowers have regained positive equity. We expect the pent-up supply that falling negative equity releases will moderate price gains in many of the fast-appreciating markets this spring.”

Click here to view the full report from CoreLogic. Click here to see previous equity reports from the company.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout the Metroplex and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

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