John and Melissa Longbrake
John and Melissa Longbrake Sumner Realty
615-681-7707615-681-7707

John and Melissa Longbrake Sumner Realty


615-681-7707615-681-7707

2.5 million mortgage borrowers no longer underwater

NEW YORK (CNNMoney)
Thanks to a sharp increase in home prices last quarter, 2.5 million more mortgage borrowers no longer owe more on their homes than they are worth, according to CoreLogic.
By the end of June, 7.1 million, or 14.5%, of mortgage borrowers remained underwater on their loans compared with 9.6 million, or 19.7%, at the end of the first quarter. In late 2009, during the worst of the housing market’s meltdown, 26% of all borrowers were underwater.

The improvement is mainly due to soaring home prices, which jumped 7% during the quarter, according to the S&P/Case-Shiller national home price index.
The trend will likely slow as the pace of home price increases starts to steady, said Mark Fleming, CoreLogics’s chief economist.
With fewer borrowers underwater, more homeowners will likely put homes up for sale because they know they can get cash out of the deal, he said. In addition, many sellers will no longer have to take the hit to their credit score that accompanies a short sale, deals in which homes are sold for less than what a seller owes their bank.

At 36.4%, Nevada had the highest percentage of mortgage borrowers who were still underwater, according to CoreLogic. About 31.5% of Florida’s borrowers were still underwater during the quarter; 24.7% of Arizona’s; 22.5% of Michigan’s; and 20.7% of Georgia’s.
Related: Surprising foreclosure hot spots
The Miami metro area, with 36.5%, had the highest percentage of homeowners who are still underwater among cities, followed by Tampa, Fla., (33.8%), Phoenix (25.6%), Riverside, Calif., (24.8%) and Warren, Mich., (24.3%).

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John and Melissa Longbrake Sumner Realty

Principal Broker and Affiliate Broker

TopTnAgents@Yahoo.com

615-965-8922615-965-8922 main

SUMNER REALTY

102 Hazel Path Ste. 6 Hendersonville, TN 37075

The Longbrake Team

Innovation and creativity are the earmarks of what businesses possess in order to not only to survive but to thrive.  This is the foundation of how the Longbrake Team, a husband and wife team with over 20 years of experience are operating a successful real estate business known as Sumner Realty in Hendersonville, Tennessee.

According to John and Melissa "We understand that each of our listings are someone's investment and is unique in its own way.” We create a detailed marketing plan for each property we list and typically close each listing within 90 days. John and Melissa have found that utilizing their social networks and sphere of influences to spread the word about their listings have improved their success rate in selling homes. 

John and Melissa Longbrake, Broker/Affiliate continue to soar in the area of World Class Customer Service and Sales in the Tennessee market. For more information about their service please call: 615-681-7707