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4 things to avoid when your home gets back in the black

Mood of the Market

In all the hullabaloo about the (finally!) recovering real estate market, what has gotten less publicity is the fact that millions and millions of homeowners are still languishing with upside-down mortgages. A recent report from CoreLogic, though, serves as one of the first bright lights on this piece of the housing market puzzle. At the end of 2011, 12.1 million homeowners were upside-down, owing more on their homes than they were worth. But by the end of June 2012, only 10.8 million homeowners were underwater; nearly 2 million were within 5 percent of being back in the black. And this is news that everyone, not just current homebuyers and sellers, can be grateful for. It begins to paint a more complete picture of a pending market recovery, fleshing out the fact that buyer demand has increased, home inventory supply has decreased, lending has loosened up a bit from the overly strict criteria of the last few years, and interest rates are very, very low. But my experience ha...