Recovery: 44% of Homeowners With a Mortgage Can’t Sell
May 24th, 2013Via: The Street:
About 44% of homeowners with mortgages cannot afford to sell their homes, according to a recent blog post from real estate company Zillow.
Despite a recovery in prices, over a quarter of homeowners with mortgage loans still owe more than their homes are worth. “But another 18.2 percent of homeowners with mortgages, while not technically underwater, likely do not have enough equity to afford to move,” according to the blog post.
43.6% of homeowners have less than 20% equity in their homes. That makes it hard for them to move or trade-up, given the considerable costs involved in buying and selling a home, including the cost of a down payment for the next mortgage.
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