Twenty-three states pass pre-crisis price peaks.

Position:NEWS ROOM - Financial report
 
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As of data collected through the end of May 2016, almost half of the nation's states have passed their pre-crisis home-price peaks, according to a new Mortgage Monitor Report from Black Knight Financial Services' (BKFS') Data & Analytics division. National home prices reached their prior peak in June 2006, and 10 years later they are nearing that level again after a devastating retrenchment.

Black Knight Data & Analytics Executive Vice President Ben Graboske noted, "As we approach the 10-year anniversary of the pre-crisis peak in U.S. housing prices, we're just under 3 percent off that June 2006 peak nationally, and 23 states have already passed their 2006 peaks."

As prices rise, more homeowners who were left with mortgage balances that exceeded the value of their homes have been able to climb back out from being underwater on their loans. In the first quarter, 425,000 borrowers who were underwater regained equity in their homes, according to BKFS. That left the national share of borrowers with negative equity down to 5.6 percent.

The report found that 2.8 million borrowers remain in negative equity positions, which is down 13 percent from last year.

Graboske commented, "That's a far cry from the nearly 29 percent of borrowers who were underwater at the end of 2012, but still about five times as many as in 2004."

The report found that 2.8 million borrowers remain in negative equity positions, which is down 13 percent from last year.

Homeowners are growing equity rapidly as home prices climb significantly in many markets around the country. Inventory shortages of homes for sale are contributing to the price gains. Even though equity is growing, BKFS noted that its research shows borrowers have been prudent in the amount of cash-out refinancing taking place compared with prior periods.

Graboske said, "The first quarter also saw tappable equity grow by $260 billion--a 6 percent increase in just...

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