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Equity Rich U.S. Properties Increase To New High Of 14.5 Million In Q3 2018IRVINE, Calif., Nov. 8, 2018 /PRNewswire/ -- ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Home Equity & Underwater Report, which shows that in the third quarter of 2018, nearly 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property's estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013. The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage, up from 24.9 percent in the previous quarter but down from 26.4 percent in Q3 2017. The report also shows more than 4.9 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25 percent higher than the property's estimated market value, representing 8.8 percent of all U.S. properties with a mortgage. That 8.8 percent share of seriously underwater homes was down from 9.3 percent in the previous quarter but still up from 8.7 percent in Q3 2017. "As homeowners stay put longer, they continue to build more equity in their homes despite the recent slowing in rates of home price appreciation," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "West coast markets along with New York have the highest share of equity rich homeowners while markets in the Mississippi Valley and Rust Belt continue to have stubbornly high rates of seriously underwater homeowners when it comes to home equity." Q3 2018 U.S. Home Equity Heat Map Highest seriously underwater share in Louisiana, Mississippi, Iowa, Arkansas, Illinois Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.7 percent); Youngstown, Ohio (18.7 percent); New Orleans, Louisiana (18.6 percent); Scranton, Pennsylvania (18.3 percent); and Toledo, Ohio (17.7 percent). 26 zip codes where more than half of all properties are seriously underwater The top five zip codes with the highest share of seriously underwater properties were 08611 in Trenton, New Jersey (71.0 percent seriously underwater); 63137 in Saint Louis, Missouri (66.5 percent); 60426 in Harvey, Illinois (64.2 percent); 38106 in Memphis, Tennessee (60.7 percent); and 44105 in Cleveland, Ohio (59.2 percent). Q3 2018 Underwater Properties by Zip Code Highest equity rich share in California, Hawaii, Washington, New York, Oregon Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (73.9 percent); San Francisco, California (59.8 percent); Los Angeles, California (47.6 percent); Seattle, Washington (41.2 percent); and Honolulu, Hawaii (40.8 percent). 417 zip codes where more than half of all properties are equity rich The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94087 in Sunnyvale (87.1 percent equity rich); 94085 in Sunnyvale (86.7 percent equity rich); 94086 in Sunnyvale (86.7 percent equity rich); 94063 in Redwood City (85.9 percent equity rich); and 95130 in San Jose (85.7 percent equity rich). Q3 2018 Equity Rich Properties by Zip Report methodology Definitions Equity rich: Loan to value ratio of 50 percent or lower, meaning the property owner had at least 50 percent equity. About ATTOM Data Solutions Media Contact: Data and Report Licensing:
View original content to download multimedia:http://www.prnewswire.com/news-releases/equity-rich-us-properties-increase-to-new-high-of-14-5-million-in-q3-2018--300745870.html SOURCE ATTOM Data Solutions |