Today it is estimated that over 1/5 of all homeowners are still underwater or had negative equity.
In Northern Virginia last year, the average home value rose 7%. It is expected in 2014 that home prices in Northern Virginia will rise 9%. Good news for those with negative equity.
"Rising prices helped 2.5 million homeowners who were previously underwater regain positive equity status during the second quarter of 2013. However, approximately 7.1 million homes were still in negative equity at that time and an estimated 10 million homeowners, or about 21.1 percent of all homeowners with a mortgage, remained “under-equitied,” with less than 20 percent in home equity. The good news is that prices are expected to continue rising in 2014, which will lift more homeowners into positive territory. According to realtor.com®, median list prices for homes in October rose 7.57 percent above the same month of 2012."
Source is: http://www.realtor.com/news/experts-predict-2014-housing-market/#.Uri8hpEimVj
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