Fewer Michigan homeowners are ‘seriously’ underwater on their mortgages.
The Great Recession sent home prices falling. But for the last few years, home values have been rising across the nation and in Michigan.
Realty Trac recently released its 3rd quarter mortgage report.
Realty Trac reports about one in five Michigan homeowners owe 25% more on their mortgages than their homes are worth.
But that’s an improvement over last year at this time when one in four homeowners were ‘seriously’ underwater on their mortgages.
Meanwhile, Michigan homeowners who have more than 50 percent equity in their homes ticked up slightly in the past year.