A growing percentage of homeowners owe less than half of their homes total value, according to recent analysis.
"The hot housing market has not just meant windfalls for sellers. It's also increasing the percentage of homeowners who are 'equity-rich,'" reports Andy Medici, sharing findings of a new study by property database Attom Data Solutions LLC.
"About 34.4% of residential properties in the United States were 'equity-rich' in the second quarter of 2021, which means the total loans on the property were half or less than half of the property's total value. That's up from 31.2% in the first quarter of 2021 and up from 27.5% in the second quarter of 2020," explains Medici of the report's findings.
Just 4.1 percemt of homes are underwater, "down from 5.2% during the first quarter of 2021 and down from 6.2% during the same time in 2020."
Around the country, Arizona saw the biggest jump in its portion of equity-rich homes. Maryland was the only state in the country that saw its percentage of equity-rich homes slip in the last quarter.
FULL STORY: Covid-19-fueled market leads to more equity-rich homeowners
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Northeast Ohio Areawide Coordinating Agency (NOACA)
Ada County Highway District
Charles County Government
Chaddick Institute at DePaul University
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service
City of Cambridge, Maryland