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Homeowner equity levels continue to climb

Posted by Mehran Aram on Tue, Jun 11, 2019 @ 05:06 AM

Despite a recent slowdown in price appreciations, homeowners with a mortgage in the U.S. saw their equity levels shoot up by 5.6 percent on average over the past year. This equates to $6,400 per homeowner according to the Home Equity Report released last week by CoreLogic.

Nevada once again led the nation with the biggest increase in equity levels, climbing $21,000, followed by Idaho ($20,700) and Wyoming ($20,300). Californians saw an average increase of $4,116.

These increases have pulled more homeowners out of negative equity territory. The number of households who owe more on their mortgage than their current home’s value has dropped to just 4.1 percent of all mortgage properties.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 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.

Topics: homeowners, CoreLogic, negative equity levels, home equity, homeownership, Mortgage rates, Underwater Homes, Equity Rich, households

ARAMCO Report - Tuesday May 20, 2014

Posted by Mehran Aram on Tue, May 20, 2014 @ 16:05 PM

Lower stock prices on Tuesday gave the bond market a boost and pushed yields lower. Conforming no point 30 year fixed mortgage rates average 4 1/4 % with 15 year rates closer to 3 1/4. Meanwhile, the first mortgage default rate fell for the 7th consecutive month to its lowest level since July of 2006 and the national negative equity rate fell to 18.8 % in the first quarter. But 9.7 million homeowners still have negative equity.

And now for something completely different: The Minnesota Twins were named after the twin cities of Minneapolis and Saint Paul because of their geographical proximity along the Mississippi River.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Aramco Report, and now for something completely different, Mehran Aram, bond market, Minnesota, Minneapolis, negative equity levels, Minnesota Twins, 30 year fixed rates, Baseball, refinance, stock prices

ARAMCO Report - Monday May 5, 2014

Posted by Mehran Aram on Mon, May 5, 2014 @ 17:05 PM

According to the U.S. Census Bureau, first quarter home ownership rate was at 64.8 percent, the lowest in 19 years. But on a much more positive note, according to Black Night Financial, nationwide negative equity levels are down 60 percent from their peak, with only 1 in 10 Americans underwater on their mortgages versus 1 in 3 in 2010. Meanwhile conforming no point 30 year fixed mortgage rates still average 4 1/4 percent with 15 year rates closer to 3 1/4.

And now for something, completely different: In July of 1934, Babe Ruth paid a fan $20 for the return of the baseball he hit for his 700th career home run. Of course, that was a lot of money back then.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Reverse Mortgage, Aramco Report, and now for something completely different, San Diego, Mehran Aram, census bureau, negative equity levels, home ownership rate, babe ruth, Mortgage rates