Flagler Foreclosure Picture Brightens
Open Flagler County foreclosure cases drop 9.7% in less than two months. Total now stands at 1,314. Home equity is on the rise in the U.S.
Palm Coast, FL – March 6, 2014 – Joining national trends, Flagler County is seeing a downturn in the number of new foreclosure filings with only 40 in February. Open Flagler foreclosure cases dropped 9.7% in less than two months. The total now stands at 1,314. Meanwhile foreclosure completions (the result of foreclosure sales) are running at a good clip as judicial encouragement prompts action on backlogged cases.
The just released Fourth Quarter CoreLogic Equity Report is encouraging. Rising Home prices led to improvements in home equity, with 4 million U.S. residential properties regaining equity in 2013. But 6.5 million residential properties with a mortgage are still in negative equity while an additional 10.4 million have positive equity but are considered under-equitied (5% or less equity).
More tidbits from the CoreLogic report:
- In aggregate value, negative equity was $398.4 billion for the fourth quarter 2013, compared to $401.3 billion in 2012, a decrease of $2.9 billion.
- Home equity is concentrated at the higher end of the market. For example, 92% of homes valued at greater than $200,000 have equity compared with 81% of homes valued at less than $200,000.
- On average, residential properties with negative equity are underwater by 32.6%
- Five states with the highest percentage of negative equity in mortgaged properties are Nevada (30.4%), Florida (28.1%), Arizona (21.5%), Ohio (19.0%) and Illinois (18.7%.
- The five states where mortgaged residential property has positive equity are Texas (96.1%), Alaska (95.8%), Montana (95.8%), North Dakota (95.8%) and Maine (95.4%).
How does Florida stack up against the national numbers?
|Average LTV (loan to value)||71.8%||61.8%|
|LTV Share >0 to <80%||53.6%||65.6%|
|LTV Share 80% to <100%||18.3%||21.1%|
|Negative Equity Share||28.1%||13.2%|
|Near Negative Equity Share 95% to <100%||3.6%||3.3%|
|Near Equity Share 100% to <105%||3.2%||2.5%|
|Total Mortgaged Property Count||4,048,000||49,174,000|
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