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\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"By Kerry Smith Foreclosure listings will likely only come from owners in trouble before the pandemic because the amount of equity owners can access has risen 40% year-to-year. Of U.S. homeowners in forbearance, 98% have at least 10% home equity; during the Great Recession it was only 40%. JACKSONVILLE, Fla. \u2013 According to Jacksonville-based Black Knight Inc.\u2019s July 2021 Mortgage Monitor Report, homeowners \u201ctappable equity\u201d \u2013 the amount over a base 20% equity that they\u2019re about to take out \u2013 has soared over the past year. According to Black Knight Data & Analytics President Ben Graboske, continued heat in the housing market drove Americans\u2019 tappable equity to never-before-seen levels in the second quarter of 2021. \u201cTappable equity grew an astonishing 37% year-over-year in Q2 2021, driven by increasing gains in home values over the quarter,\u201d says Graboske. \u201cAs of the end of June, home values had risen nearly 20% from the year before and 7.4% in Q2 alone. As a result \u2026 homeowners with mortgages gained another $1 trillion in tappable equity in the second quarter alone. This is by far the strongest growth we\u2019ve ever seen and equates to some $173,000 in equity available to the average mortgage holder, a $20,000 increase in just three months.\u201d While frustrated homebuyers may be hoping that owners currently in forbearance will have to sell or go through foreclosure once their forbearance period ends, Graboske says about 98% of homeowners in forbearance have at least 10% equity. \u201cEven when we add in 18 months of forborne payments \u2013 including principal, interest taxes and insurance \u2013 the share with less than 10% equity only climbs to 7%, or about 135,000 homeowners,\u201d says Graboske. \u201cThis is a drastically different dynamic than during the worst of the Great Recession, when more than 40% of all mortgage holders had less than 10% equity and 28% were fully underwater.\u201d Black Knight\u2019s report also suggests that current homeowners might also be less hesitant to tap their stores of available equity. Q2 2021 marked the fourth consecutive quarter with over $1 trillion in originations, and the fifth consecutive quarter with at least 2.2 million refinances. \u00a9 2021 Florida Realtors\u00ae Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":5564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5563"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=5563"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5563\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/5564"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=5563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=5563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=5563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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