According to the report, in the third quarter of 2019, 14.4 million residential properties in the U.S. were considered equity rich, meaning the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity rich properties in Q3 represented 26.7 percent, or about one in four, of 54 million mortgaged homes.
ATTOM’s Chief Product Officer Todd Teta stated in the report, “There are notable equity gaps between regions and market segments. But as home values keep climbing, homeowners are seeing their equity building more and more, while those with properties still worth a lot less than their mortgages represent just a small segment of the market.”
The report primarily focused on the equity rich areas; however, the report also noted that just 3.5 million, or one in 15, mortgaged homes in Q3 2019 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25 percent more than the property’s estimated market value. That figure represented 6.5 percent of all properties with a mortgage.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.