(NEW YORK) — Have you checked the value of your home recently? For the first time in years it could be worth more than you think.
Home prices are bouncing back from their lows in all but a few local markets. Fewer homeowners are under water — owing more to the bank than their properties are worth.
“We’ve seen 1.4 million borrowers regain equity. That’s through the third quarter,” says Economist Molly Boesel with CoreLogic.
There are also fewer foreclosures and short sales.
“We saw an increase in non-distressed sales in 2012. That’s the first increase we’ve seen in those non-distressed sales since 2005,” Boesel points out.
She says that in most of the country, “2012 was a great year for the housing market and we should see that continue in 2013.”
Copyright 2013 ABC News Radio
Lois M. Collins, Deseret News