How do gains in home equity impact homeowners who are facing difficulties making their mortgage payments? It changes everything. You may not be aware of it, but the value of homes in South Florida is rapidly increasing, making selling your property a more viable option. A home that now has equity, may have been underwater just two years ago.
In the fourth quarter of 2014, 90,263 mortgage holders in Broward County had at least 50 percent equity in their properties. This is a substantial increase from the previous year, which only had 78,813 mortgages with comparable equity.
An increasing number of homeowners are also getting out of underwater mortgages as home values continue to increase. This is a great sign for homeowners and the overall economy. Aside from having the option to sell, gaining equity also opens the possibility of refinancing, depending on the homeowner’s specific situation. At this point, many families are recovering financially and just need a bit of assistance to fully get back on their feet.
In general, Broward County’s median price for existing homes was reported to be 27 percent higher in November 2014 than the previous year, according to Greater Fort Lauderdale Realtors. This brings the median price to $267,000.
We have reason to be optimistic as far as the housing market is concerned, but we are also aware that. Unfortunately there are still many families struggling with their mortgage in South Florida. If you are in need of assistance with your mortgage and are either considering or already facing foreclosure, make an appointment with one of our attorneys; there are many options available.