The rebound in home prices in the past few years has helped millions of homeowners see their properties return to positive equity. According to a new report from Zillow:
- Nationally, 10.5 percent of homeowners with a mortgage were underwater at the end of 2016, down from 13.1 percent of homeowners a year earlier.
- In 2016, 1.2 million homeowners in negative equity were able to resurface, gaining positive value in their homes. Five million homeowners remain underwater.
- 44.5 percent of underwater homeowners are within 20 percent of reaching positive equity.
So, lets compared San Diego County to the rest of the country. Nationwide, 10.5% of homeowners are still underwater with their loans. Here in San Diego only 6.1% have negative equity. A year ago the national level was 13.1% and San Diego 7.9%.
San Diego looks even better compared to some other communities. Phoenix finds 10.7% of homes with negative equity, 13.5% in Riverside, and 16.6% in Las Vegas.