13.6 million property owners nationwide are considered equity rich, thanks to rising home prices. attom data solutions’ latest U.S. Home Equity and Underwater Report shows that nearly a quarter of all mortgaged homes in the U.S are equity rich, meaning the combined loan amount secured by the property is 50 or less than the estimated market value.
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California and its perennially high-valued real estate led all states with a 43.6% share of equity-rich properties in the fourth quarter of 2018. Hawaii was second at 39.3% and New York was third at 34.2%. On the other end of the spectrum, seriously underwater homes dropped off year-over-year.
The rise of equity rich homeowners also coincides with a dramatic decline in the number of seriously underwater properties, which have dropped from nearly 30 percent in 2012 to just 8.8 percent at the end of last year.
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If home prices grow faster than incomes, fewer and fewer people can afford to buy. The heavy demand from investors buying foreclosed properties will diminish as rising prices and falling.
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An underwater mortgage is a home purchase loan with a higher principal. In an underwater mortgage the homeowner may not have any equity. Generally a mortgage is considered underwater when the value of the home is less than the. payment burdens and increase some demand for real estate.
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The recent peak in negative equity was the second quarter of 2012, when 12.8 million U.S. residential properties representing 29 percent of all properties with a mortgage were seriously underwater. The universe of equity-rich properties – those with at least 50 percent equity – grew to 9.9 million representing 19 percent of all properties.
The 14.5 million equity rich properties in Q4 2018 represented 25.6% of all properties with a mortgage, down slightly from 25.7% in the previous quarter but up from 25.4% in Q4 2017. Seriously Underwater Properties Rise to 9.1% in Q1. with fewer needing to get out from under financial distress.".
RealtyTrac said the number of California residential properties considered seriously underwater – in which the loan amount is at least 25 percent higher than the property’s estimated market.