Major news out of PIMCO as Mohamed El-Erian resigns from CEO post · Mohamed A. El-Erian is a Bloomberg Opinion columnist. He is the chief economic adviser at Allianz SE, the parent company of Pimco, where he served as CEO and co-CIO. His books include The Only.
CoreLogic (CLGX: 18.29 -0.76%) said tax credit-induced sales helped push distressed sales to a seven-month low in June, but the share of distressed sales is expected to bounce back in coming months, according to the firm’s inaugural U.S. Housing and Mortgage Trends report. The bi-monthly report will track housing sales, valuation, negative equity and foreclosure activity.
CoreLogic estimates 95.4% of California homeowners with mortgages have equity, with only 4.6% of mortgages underwater – where consumers owe more than the current value of their home. Virtually every homeowner in San Francisco has equity in their property at 99.4%, the highest percentage in the nation.
Of the 52,394,000 home mortgages outstanding, the number underwater fell from 11 million to 7 million, more than a 30% reduction in underwater loans. Most analysts predict that almost 1 million more homeowners will be freed from underwater mortgages by the end of 2013, pushing the negative equity rate for the country down to 25.5 percent.
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· According to CoreLogic, the percent of owners underwater decreased slightly in the first quarter of 2015 to 10.2%, or 5.1 million homes, as many homeowners are.
In the last quarter of 2014, 5.4 million homes (10.8% of mortgages) had negative equity. However, in the first quarter of 2015, consistently rising home prices resulted in 254,000 properties regaining positive equity status, bringing the percentage of negative-equity homes down to 10.2%.
· The U.S. negative equity rate at the end of 2016 – the nationwide share of underwater homeowners, those with a mortgage owing more than their home is worth – fell to 10.5 percent, down from 13.1 percent at the end of 2015 (figure 1), according to the Zillow 2016 Q4 Negative Equity Report.
NAR and APTA Study on LRT, Home Values and Jobs Key Findings:-During recession, residentialvalues performed 42% better (nationally) on average if they were located near high-freq. public transit-Almost equivalent to beach front property-Benefits include access to more jobs, transportation options, lower transportation costs, walkability, density, vibrancy
Underwater mortgages dropping. New stats from CoreLogic show that 254,000 homes regained equity in the first quarter of this year, and the share of underwater mortgages has dropped to 10.2 percent. Across the country, borrower equity increased $694 billion year-over-year in Q1 of 2015 and there are now only 5.1 million homes in America currently.
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