A new study details the locations where homeowners are likely to be "equity rich" or underwater. Homeowners in western states are more likely to be equity rich, but many homeowners are still recovering from the Great Recession.
"Many of the homes with the most equity in the nation are concentrated in the western states," reports Carrie Rossenfeld.
The conclusion comes from the Q2 2017 US Home Equity & Underwater Report by ATTOM Data Solutions. Among the other findings of the report:
- At the end of the quarter, "there were more than 14 million US properties that were equity rich." That figure is "up by nearly 320,000 properties from the previous quarter and up by more than 1.6 million properties from a year ago," explains Rossenfeld.
- "[A]mong 91 MSAs with a population of 500,000 or more, those with the highest share of equity-rich properties at the end of Q2 were San Jose, San Francisco, L.A., Honolulu and Portland, OR, showing a strong concentration in the west. States with the highest share of equity include Hawaii, California, New York, Vermont and Oregon."
Josie Huang provides a more local look at the data from the ATTOM Data Solutions study, focusing on sub-markets in the Los Angeles area. There, "L.A.’s most popular zip codes have the largest share of equity-rich homeowners — roughly 60 percent in Venice, Culver City, Silver Lake, Echo Park and Atwater Village."
FULL STORY: Equity-Rich Homes Concentrated In The West
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