More home owners in the foreclosure process are finding that their home may no longer be underwater, according to a new report by RealtyTrac.
“Because of rising home prices, many of the home owners in the foreclosure process — more than a third — actually have positive equity,” says Daren Blomquist, vice president of RealtyTrac. “That will enable some of them to avoid foreclosure,” allowing the home owners to either sell or refinance.
However, “many distressed home owners with equity may not realize they have it and, in some cases, have vacated the property already, assuming that their foreclosure is inevitable,” Blomquist says. Read full article here