One-Third of U.S. Homeowners Are Equity-Rich Over Higher Values
- Housing market thriving despite Covid-19 economic downturn
- Underwater homes top 10% in six states in South and Midwest
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By the end of last year, more than 30% of U.S. homeowners were considered equity-rich -- meaning their property was worth twice as much as the underlying mortgage, a report showed.
Helped by low interest rates, the count of equity-rich properties in the fourth quarter of last year rose to 17.8 million of the 59 million mortgaged homes in the U.S., according to the ATTOM Data Solutions fourth-quarter 2020 U.S. Home Equity & Underwater Report released Thursday. That’s up from 26.7% in the fourth quarter of 2019.