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Less Underwater Homeowners – Good News for Santa Fe

While the Santa Fe real estate market as a whole has not seen a drastic increase in home prices this year, Inman News has reported that national rising home prices have brought 1.3 million homeowners out from underwater. This is a good sign for the national real estate market, and for the Santa Fe market as well.

News of negative home equity (when mortgage loans on a home that are higher than the possible sales price), especially in lower-priced homes, has been a continuing blight on the real estate market since the recession ensued. But this spring and summer, increasing prices and low inventory have helped to bring many homeowners back “into the black” and able to sell or refinance. In Nevada, Florida and other states that were hardest hit by the recession, there is the most noticeable increase of home owners out of this underwater situation.

Since our local Santa Fe real estate market has not been affected quite as much as others, the news may not seem as exciting or applicable. But with millions of additional homeowners across the nation now in a better position to sell, it can only affect our local market in a positive way.

This summer, our local market has experienced an increase in the number of sales, but almost ¼ of them were from foreclosures or short sales. A national trend of having fewer homes in “short sale status” will positively affect the Santa Fe market, even if it takes a while to see the effects.

Contact me if you are interested in more information on the state of Santa Fe real estate.  I am happy to assist you in the sale or purchase of your next home.

Click to view the Inman News article

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