1.7 million homes no longer “underwater”

Many homeowners are unaware of the fact that recently rising home prices have brought the value of their home up sufficiently so that they are no longer “underwater.”  Research company CoreLogic claims that the percent of homes whose mortgage balance exceeds the value of the home has dropped significantly, from 25.2 % at the end of 2011 to 21.5%.

If your home has been underwater, you should check with a real estate agent on the current value of your home.  You may be surprised.  If the current value is even slightly above the mortgage you might be able to refinance at current low rates and save thousands of dollars in interest charges.

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