Markets & Economy

More than 8 million homeowners are ‘resurfacing’

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Portending relief for inventory-starved housing markets in the not-so-distant future, 8.3 million homeowners, or about 18 percent of homeowners with mortgages, will gain enough equity to sell their homes in the next 15 months without resorting to short sales, according to data aggregator RealtyTrac. “Steadily rising home prices are lifting all boats in this housing market and should spill over into more inventory of homes for sale in the coming months,” said Daren Blomquist, vice president at RealtyTrac. “Homeowners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33 percent per month that they have since bottoming out in March 2012.” The 8.3 million "resurfacing" homeowners currently have anywhere from 10 percent negative equity to 10 percent positive equity, according to ...