San Diego residents are ahead of the game on average when it comes to home equity. Real estate website Zillow reports that only 7.1 percent of San Diegans were underwater during the second quarter, well ahead of the national rate.The Country current ranks as the region with the fourteenth lowest percent of homeowners who owe more on their homes than they are worth.
Nationwide, 12.1 percent of homeowners are upside-down on their mortgages, many of whom purchased their homes prior to the recession and still have not seen a full recovery in the housing market in their area. In the aftermath of the housing crises, nearly 1 in three American homeowners were in this predicament.
Homeowners who are finding themselves leaving behind the days of negative equity can reap the rewards of mortgage rates being near all-time lows, which can give them the opportunity to refinance into a lower monthly payment.
Today, conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.