17 Sep 2012

Decrease in “Underwater” Mortgages Points to Market Recovery

Allen Tate’s Pat Riley addresses topic in Carolinas Market Update


CHARLOTTE, N.C. (September 17, 2012) –The number of homeowners “underwater” on their mortgages fell by 25 percent since Q4 2011, and nearly 2 million additional homeowners are only 5 percent away from a balanced equity position, according to CoreLogic.

That’s a strong sign of a steadily recovering real estate market, said Pat Riley, president and COO of Allen Tate Company (www.allentate.com), the Carolinas’ real estate leader. Riley takes a closer look at how underwater homes affect market recovery in the September-October edition of Carolinas Market Update, a bi-monthly real estate video series produced by Allen Tate.

“The first half of 2012 saw more than 1 million Americans regain equity in their homes,” said Riley. “While 24 percent still owe more on their mortgages than their home’s value, we’re moving in the right direction. A small amount of further appreciation in home values will move an additional 1.9 million homeowners into a positive position.”

The latest Carolinas Market Update also takes a look at what’s happening with home sales across the Carolinas; reasons why people buy in a neighborhood today; and questions you must ask your Realtor®.

The video update, targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions, is produced every other month by Allen Tate Company and features information, statistics, trends and predictions about the real estate market in North and South Carolina.

To access the latest Carolinas Market Update, go to the Allen Tate YouTube channel (www.youtube.com/theallentatecompany) or contact any Allen Tate Realtor®.


Allen Tate Realtors is the Carolinas’ largest real estate company with offices in the Charlotte, Triad, Triangle and Upstate South Carolina regions. Allen Tate offers the advantage of hometown service with international capabilities and the latest in real estate technology and maximum marketing exposure. Visit www.allentate.com for more information.

Allen Tate Companies
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