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Home values rise, but millions still drown in debt

Fri, 30 Aug 2013 06:19:19 +0000

More than three million U.S. borrowers have risen above water on their mortgages so far this year, thanks to swift home price appreciation, according to a new report from online real estate company Zillow.

The negative home equity rate fell in the second quarter of this year, the fifth straight quarterly drop, but it is still alarmingly high and continues to hamper the housing recovery.

Currently, 23.8 percent of homeowners with a mortgage, or approximately 12.2 million, owe more than their homes are worth, down from 15.3 million one year ago, according to the report. Some, however, are still so far underwater that even with fast-rising prices, it will take years for them to see any home equity.

(Read more: Home sales suffer on higher rates: Realtors)

“Widespread rising home values during the past year have helped chip away at negative equity nationwide, helping many homeowners who were only modestly underwater to come up for air. For those homeowners who are deeply underwater, though, there is still a long row to hoe,” said Zillow Chief Economist Dr. Stan Humphries in a release.

(Read more: He’s not buying a house—why is Obama on Zillow?)

Article source: http://www.cnbc.com/id/100995592

Home builders: Best in years and getting better

Fri, 16 Aug 2013 17:23:23 +0000

All but one region saw a gain in its three-month moving average on the NAHB index in August. The Midwest and West each posted six-point increases, to 60 and 57, respectively, while the South posted a four-point gain to 54 and the Northeast held unchanged at 39.

Even though home building is on the rise, home builder stocks have gotten creamed over the last 3 months, including PulteGroup, KB Home and DR Horton.

(Read more: He’s not buying a house—why is Obama on Zillow?)

—By CNBC’s Diana Olick. Follow her on Twitter @Diana_Olick.

Questions?Comments? facebook.com/DianaOlickCNBC

Article source: http://www.cnbc.com/id/100964905

He’s not buying a house—why is Obama on Zillow?

Thu, 08 Aug 2013 10:39:54 +0000

The 30-minute interview touched on refinancing, reforming the mortgage market, including the dismantling of Fannie Mae and Freddie Mac, and helping low-income people who want to be homeowners. It seemed almost scripted by White House staffers, although a White House spokeswoman said they did not vet the questions.

She also added that the president was part of a LinkedIn town hall meeting with CEO Jeff Weiner and a Facebook chat with CEO Mark Zuckerburg, although those were not specifically about social media companies but about the broader economy.

(Read more: Higher mortgage rates, easier credit?)

Zillow employees have contributed to the campaigns of several Democrats, including Obama, although the company does not have a PAC, according to the Center for Responsive Politics.

Rascoff, in an interview on CNBC’s “Squawkbox,” said the interview makes “perfect sense” and is part of Zillow’s mission to empower its users, which now number 60 million.

“It’s an unprecedented opportunity to connect our audience at Zillow directly with the president,” he said. “We are a fantastic platform to connect directly with consumers.”

—By CNBC’s Diana Olick. Follow her on Twitter @Diana_Olick.

Questions?Comments? facebook.com/DianaOlickCNBC

Editor’s note: Posts from Zillowblog.com are sometimes republished on NBCNews.com.

Article source: http://www.cnbc.com/id/100946724