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Today ATTOM Data Solutions released its first-quarter 2021 U.S. Home Equity & Underwater Report, showing that in the United States, 17.8 million residential properties were appraised as equity-rich, the combined evaluated amount of loans secured by those properties was 50 % or less of their estimated market value.
In the first quarter of 2021, the count of equity-rich properties represented 31.9 %, which is one in three, of the 55.8 million mortgaged homes in the United States.
So it was up from 30.2 % compared to the Q4 of 2020, 28.3 % in the third quarter, and 26.5% in the first quarter of 2020 showing that the U.S. housing market continues to hold off the economic damage caused by the pandemic.
The report showed that just 2.6 million, which is 1 in 21, mortgaged homes in the first quarter of 2021 were badly sunken. Which adds up to 4.7 % of all properties with a mortgage in the U.S.
Among the 50 states, 41 saw an increase in the percentage of homes considered equity-rich from the Q4 of 2020 to the Q1 of 2021.
This happened because of the 10 – 16 % rise in median home prices nationwide in the first quarter of 2021 in most parts of the country.
chief product officer with ATTOM Data Solutions, Todd Teta said that it is a great time to be a homeowner anywhere in the country.
Because of the price spikes, there is a cut down in the number of seriously underwater properties and boosts the level of equity-rich properties. But things could be different once the foreclosure moratorium is lifted.
Nine of the 10 states in the Western and northeastern region showed the largest improvement in the equity-rich share of homes from the fourth quarter of 2020 to the first quarter of 2021.
West Virginia, Louisiana, Pennsylvania, Iowa, and Mississippi were the states where the share of equity-rich homes decreased the most from the fourth quarter of 2020 to the first quarter of 2021.
The largest declines in underwater properties from the fourth quarter of 2020 to the first quarter of 2021 were Midwest and South.
Among 1,493 counties having not less than 2,500 properties with mortgages in the first quarter of 2021, West dominated 15 of the top 20 equity-rich locations.
The highest concentration was in the bay area of San Francisco California.
Among 8,267 U.S. zip codes that had close to 2,000 mortgaged properties in the first quarter of 2021, 883 where 50% of properties with a mortgage were equity-rich.
Among 5,438 U.S. zip codes having about 2,000 properties with mortgages 39 zip codes where one-fourth of all properties were seriously underwater.
The largest number of those zip codes being Cleveland, OH; Akron, OH, and St. Louis, MO.
Reference Source: PR Newswire
