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Victor Whitman is chief reporter at Scotsman Guide Media.
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Foreclosures filings have generally fallen to
prerecession levels, according to CoreLogic. A few
states, such as New York and New Jersey, are still
working out foreclosures left over from the Great
Recession. Foreclosures also have risen in hurricane-affected states, such as Florida and Louisiana.
“Collectively, American homeowners
now have $5.8 trillion in tappable equity
available, yet only 1.17 percent of that
total was withdrawn in the first quarter
of the year.”
Executive vice president, Black Knight
Chief economist, National Association of Realtors
“Realtors in most of the country
continue to describe their markets as
highly competitive and fast moving,
but without enough new and existing
inventory for sale, activity has
equity hits new high
Total tappable home equity stood at $5.8 trillion
in the first quarter of 2018, the most ever, Black
Knight said. Tappable equity, or the amount that
can realistically be drawn out by homeowners,
rose by $380 billion over the three months
through this past March. The average homeowner gained $14,700 in tappable equity over
the 12 months through March of this year, and
on average had $113,900 in available equity.
Source: Black Knight
Top States for Seriously Delinquent Mortgages
Tappable Home Equity in the U.S.
as of April 2018*
*As of March 2018
*Ranked by the percentage of mortgages
that are 90 days or more past due