California, Florida Reaping Rewards of U.S. Home Equity SurgeBy
Share of "seriously underwater" U.S. homes falls to 9.3%
One quarter of properties with a mortgage are "equity rich"
The steady increase in U.S. home valuations over the last few years cut the share of "seriously underwater" properties, where the mortgage is 125% or higher of the value of the home, to 9.3 percent last quarter. And more than one fourth of homes with a mortgage have a loan-to-value ratio of 50 percent or less, according to ATTOM Data Solutions.
Equity in real estate has more than doubled to record levels since the last recession...
and valuations are expected to continue to rise.
ATTOM’s figures show 18 zip codes, almost exclusively in California, where more than three quarters of the homes are "equity rich" -- the value of the property is more than twice as large as the outstanding mortgage balance.
|Zip Code||State||City||Percent Equity Rich||Total with Loans|
Even the hard-hit Floridian real estate market has seen a rapid decline in the number of "underwater properties" since the recession ended...