At the bottom of the report Tom Ruff of ARMLS discusses negative equity.
- Arizona has very few foreclosures today – only 7 states have lower foreclosure rates than Arizona
- But even today, the majority of homes heading into foreclosure were purchased during the Great Real Estate Boom
Your Home Equity
You can pretty much figure out the equity you have in your home by the year you bought it.
If you bought in 2008 to 2012 you should have a huge amount of equity already.
If you lost your job and couldn’t make the mortgage payments, you wouldn’t be foreclosed on, you’d sell the house and make some big money.
Location vs Timing
The saying goes that the secret to buying real estate was location, location, location. But even more important than location is timing. If you bought in a spectacular location in 2005, you’re likely still underwater 10 years later.