SANTA ANA (CBSLA.com) — Thousands of California homes are now worth more than their original selling price.
The improving real estate market is giving families relief as they are able to sell their homes and improve their mortgages.
Some 28,000 home owners in Orange County are now seeing their house’s value improve to the point that they are worth more than the families owe.
A study from a property data firm based in Irvine says that in 2012, only 15.3 percent of mortgages were “underwater”. That is an improvement from the prior year, in which 20.2 percent of mortgages were underwater.
Low inventory and high demand is driving sales prices up, as it is reported that across the country, up to 1.7 million homeowners are emerging from negative equity.