Here is a great graph from Zillow showing the negative equity of owners who purchased a home in a given year from 2000 to 2008. It also shows their down payment as well.
As you can see owners who purchased in 2004 to 2008 have a good chance of having negative equity in their home. Current home prices are now at or near 2004 or 2005 prices in many cases. It is also interesting to take a look at the median down payment. The years for the lowest down payment were 2006 and 2007. Those years also have the highest percentage of negative equity. This year with the changes and tightening of requirements in the mortgage industry the median down payment is now almost 20%.
This graph is great at showing an overall picture of our market. If you are afraid you might have negative equity in your home please call me at 609-916-7342 ext 704.
Best wishes,
Matt
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