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Half of mortgaged homes considered equity-rich

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Market Data
Tuesday, August 16, 2022
Nearly half (48.1 percent) of mortgaged properties were considered equity-rich in the second quarter, according to ATTOM’s latest U.S. Home Equity & Underwater Report. That’s up from 44.9 percent in the first quarter of 2022 and from 34.4 percent year-over-year.

The increase marked the ninth straight quarterly rise in equity-rich homes. The report found that at least half of all mortgage-payers in 18 states were equity-rich in the second quarter, compared with only three states a year earlier.

The report also showed that 2.9 percent of mortgaged homes were considered seriously underwater in the second quarter. That’s down from 3.2 percent in the first quarter and 4.1 percent a year earlier.

“After 124 consecutive months of home price increases, it’s no surprise that the percentage of equity-rich homes is the highest we’ve ever seen, and that the percentage of seriously underwater loans is the lowest,” ATTOM Executive Vice President of Market Intelligence Rick Sharga said in a release. “While home price appreciation appears to be slowing down due to higher interest rates on mortgage loans, it seems likely that homeowners will continue to build on the record amount of equity they have for the rest of 2022.”

Across the country, 49 states saw equity-rich levels increase from the first to second quarter while seriously underwater percentages dipped in 46 states. Year-over-year, equity-rich levels rose in all 50 states and seriously underwater portions dropped in 46 states.

The biggest increases in equity-rich homes from the first to second quarter were in Wyoming (up from 26.1 percent to 33.9 percent), Maine (up from 48.5 percent to 56.3 percent), Florida (up from 53.6 percent to 60.4 percent), Mississippi (up from 23.5 percent to 29.1 percent) and South Carolina (up from 41.2 percent to 46.5 percent).

States where the equity-rich share of mortgaged homes decreased, or went up the least, from the first to second quarter were New Jersey (down from 38.6 percent to 37.9 percent), Utah (up from 63.6 percent to 64.3 percent), Idaho (up from 68.8 percent to 69.5 percent), North Dakota (up from 28.6 percent to 29.5 percent) and West Virginia (up from 26.9 percent to 28.4 percent).

States with the biggest decreases in the percentage of mortgaged homes considered seriously underwater from the first to second quarter were Mississippi (down from 17 percent to 8.1 percent), Wyoming (down from 10 percent to 7 percent), Missouri (down from 6.6 percent to 5.2 percent), Maine (down from 3.1 percent to 2.2 percent) and Connecticut (down from 4 percent to 3.3 percent).

The only states where the percentage of seriously underwater homes increased were Montana (up from 3 percent to 3.9 percent), New Jersey (up from 2.9 percent to 3 percent) and New York (up from 2.7 percent to 2.8 percent).

The highest levels of equity-rich properties were in Vermont (71.4 percent of mortgaged homes were equity-rich), Idaho (69.5 percent), Arizona (64.8 percent), Utah (64.3 percent) and Washington (63.2 percent). The lowest levels were in Louisiana (23.4 percent), Illinois (25.4 percent), Alaska (26.7 percent), West Virginia (28.4 percent) and Mississippi (29.1 percent).

The metros studied by ATTOM with the highest percentages of equity-rich properties in the second quarter were Austin, Texas (76.5 percent); San Jose, Calif. (75.1 percent); San Francisco (70.5 percent); Sarasota-Bradenton, Fla. (70.4 percent) and Boise, Idaho (69.7 percent). The metros with the lowest percentages were Baton Rouge, La. (19.6 percent); Wichita, Kan. (22.1 percent); Jackson, Miss. (24.8 percent); Little Rock, Ark. (25.7 percent) and Chicago (26.5 percent).

The states with the highest shares of mortgages that were seriously underwater in the second quarter were Louisiana (11 percent), Mississippi (8.1 percent), Wyoming (7 percent), Iowa (6.8 percent) and Illinois (6.5 percent). The smallest shares were in Vermont (1 percent), California (1 percent), Washington (1 percent), Rhode Island (1.1 percent) and Florida (1.2 percent).

The metros with the largest shares of mortgages seriously underwater in the second quarter were Baton Rouge, La. (10.8 percent); Wichita, Kan. (7.8 percent); New Orleans, La. (7.7 percent); Jackson, Miss. (6.7 percent) and Scranton, Pa. (6.5 percent).

About 214,800 homeowners were facing possible foreclosure in the second quarter, or just four-tenths of 1 percent of the 58.2 million outstanding mortgages in the country. Of those facing foreclosure, about 195,400, or 91 percent, had at least some equity built up in their homes.

“The fact that over 90 percent of homeowners in foreclosure have positive equity is good news for borrowers who find themselves in financial distress,” Sharga noted. “These homeowners have the opportunity to leverage this equity to either secure short-term financing to resolve their delinquencies, or to sell their properties at a profit and avoid a foreclosure auction.”

States with the highest percentages of homeowners facing foreclosure with equity in their properties in the second quarter were New Hampshire (99 percent with equity), Oregon (99 percent), Utah (99 percent), Colorado (99 percent) and Nevada (99 percent). States with the lowest percentages were Louisiana (87 percent), Mississippi (89 percent), Kansas (91 percent), Illinois (92 percent) and Maryland (92 percent).

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