Over the course of last year, nearly 2 million homeowners were released from negative equity, Zillow reported Thursday.
Data from Zillow revealed 1.9 million homeowners came out of negative equity due to two main reasons: sustained high foreclosure rates and rising home values, which increased by 5.9 percent year-over-year, according to the Zillow Home Value Index.
Zillow further projects at least 999,601 homeowners will be released from negative equity in 2013.
“As home values continue to rise and more homeowners are pulled out of negative equity in 2013, the positive effects on the housing market will be numerous,” said Dr. Stan Humphries, Zillow’s chief economist. Read more.
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