- Search Properties
- Find An Agent
An Upper East Side one-bedroom with a fireplace, an East Village condo with expansive views, and a Fort Greene apartment in the Williamsburg Savings Bank Building.
A five-bedroom Greenwich Colonial on just over an acre, and a four-bedroom in Westchester with lots of large windows and decks.
An 11-room home that includes a wraparound terrace with Central Park views and a master bedroom encased in a custom-built conservatory.
The 11-room co-op apartment, at 97th Street, features a wraparound terrace with views of Central Park.
Home buyers are increasingly accepting the realities of a seller’s market, according to a new survey.
Members who practice commercial real estate have reported an increase in annual gross income for the third year in a row.
The median price for new homes hit a record high in April.
Realtor.com, through a new partnership with CommercialSearch.com, will provide access to thousands of commercial listings nationwide.
For the third consecutive week, mortgage rates continue to climb from record lows, Freddie Mac reports.
The long-vacant Bulova Watchcase factory, near the heart of Sag Harbor, is being turned into a luxury residential complex; construction is set to be completed by winter.
Borrowers in New York who switch lenders might be able to eliminate the state’s mortgage recording tax.
Answers to questions about limiting the number of rental units in condominiums; moving out while elevators are not in service; and income requirements for renting.
Zillow: Homeowners with 'effective' negative equity helped keep inventory low
Despite rising home prices early in the year, a significant portion of U.S. homeowners with a mortgage — about 44 percent — still owed more on their home than it was worth or didn’t have enough equity to move at the end of the first quarter, according to Zillow’s first-quarter Negative Equity Report.
Zillow’s analysis showed that 25.4 percent of homeowners with a mortgage were underwater on their homes, while another 18.2 percent more were “effectively” underwater, with less than 20 percent equity in their homes.
Taken together, about 22.3 million U.S. homeowners likely don’t have enough equity in their homes to afford a down payment on another home, Zillow said, keeping them in their homes and preventing new inventory from hitting the market.
“Reaching positive equity, even barely, is an important milestone,” said Zillow Chief Economist Stan Humphries in a statement. “But things like real estate agents’ fees and a down payment for the next home traditionally come out of the proceeds from the prior home’s sale. Without enough equity, these costs will instead have to come out of a homeowner’s pocket, leaving many still stuck,” he said.
“Looking at the effective negative equity rate could explain why recent, healthy declines in the number of underwater borrowers haven’t yet translated into more homes for sale,” Humphries added. “The only cure is patience, as rising home values continue to build equity to the point where more homeowners can realistically sell.”
Among the 30 largest metro areas covered by Zillow, those with the highest effective negative equity rate, including homeowners with 20 percent equity or less, include Las Vegas (71.5 percent), Atlanta (64.1 percent), and Riverside, Calif. (59.7 percent).
Zillow predicts that the negative equity rate among all homeowners with a mortgage will fall to 23.5 percent by the first quarter of 2014. Of the 30 largest metro areas, the majority of these newly freed homeowners are anticipated to come from: Los Angeles (94,642 homeowners), Riverside (74,693 homeowners), and Phoenix (51,580 homeowners).Copyright 2013 Inman News
Existing-home sales rose in April but remain below underlying demand because of limited inventory and tight credit, according to NAR.