U.S. Housing Wealth Diverges Between ‘Underwater’ and ‘Equity Rich’
- 43% of California homes valued at least 50% more than mortgage
- ‘Seriously underwater’ homes up 595K from third quarter 2017
Photographer: Chris Rank/Bloomberg
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More than a decade after the recession, one in 11 mortgaged properties in the U.S. is considered "seriously underwater," according to the home equity report by ATTOM Data Solutions.
This equates to more than 5.2 million properties where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value -- an increase of almost 600,000 from the post recession low reached in the third quarter of 2017.