Rising prices are helping Southwest Florida homeowners feel a little wealthier this year.
Homes throughout the state have gained an average $9,829 in equity over the past 12 months, according to a new report from real estate database CoreLogic.
That is $66 higher than the U.S. average, but well short of states like Montana, which led the nation with an annual home equity gain of $28,900.
“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures,” said Frank Martell, president/CEO at CoreLogic. “Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”
In Sarasota-Manatee a total of 7,153 residential properties – or 3.9% of those with mortgages – owed more on their loans than their homes were worth during the second quarter of 2020, CoreLogic reported.
That “negative equity” position was down by 1,658 properties, or 4.8%, from one year earlier. The Sarasota-Manatee region ranked 55th out of the 181 metro areas tracked for negative equity share in the latest report.
An additional 1,885 Sarasota-Manatee homes, or about 1.0%, were in “near-negative” equity as of June 30, down by 333 over the year. Near-negative equity describes a property with less than 5% equity.
The Nichols Team at Jones & Co. Realty. We want to help you Grow, Prosper, MOVE. 239-281-7980. Realtor@TheNicholsTeam.com
PLEASE CLICK THE LINK TO SEE WHAT OUR CUSTOMERS SAY: https://thenicholsteam.com/recommendations/