The continuing recovery in the housing market has been relieving increasing numbers of homeowners from owing more on their mortgage than their home is worth.
Yet the persistent remainder has left a mark by keeping potential buyers out of the market and choking supply of homes, said Daren Blomquist, senior vice president with ATTOM Data Solutions.
One of the telling signs is that homeowners are staying in their homes longer. The Irvine, Calif., company report, released Thursday, shows that owners stayed in their homes an average of 4.26 years from 2000 to 2008. But since the Great Recession, home tenures have steadily risen, reaching 7.88 years among home owners who sold in 2016.
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