Zillow announces underwater mortgage stats for Arizona, noting that 135,000 homeowners have gotten ride-side-up in their mortgage over the past year. This article also mentions that Metro Phoenix still has the 8th highest rate of underwater mortgages, still in the 40% range.
Although this is great news for homeowners, we probably won’t see the 20%+ increase in value during 2013 that we saw in 2012, and Zillow is forecasting a much lower amount of homeowners getting in the black for this coming year.
What does this mean for Metro Phoenix? One, there is still a lot of distressed homeownership in the Valley. Many of these homeowners may not be in default, and with the Mortgage Forgiveness Debt Relief Act set to expire January 1, 2014, now may be a good time for homeowners considering their options to contact professionals for advice.
Gary May and Gene Montemore have successfully completed many distressed property transactions, and have referred past clients to a host of attorneys, CPA’s, and financial professionals for advice.