Housing Cooloff Hits Equity Cushion for Owners in US West, South
- Equity-rich home share dips 2 percentage points over year
- Area in Naples, Florida has highest share of equity-rich homes
Homes in Lithonia, Georgia.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
The share of US mortgage borrowers who are equity-rich declined for a second quarter, with owners in the West and South taking the biggest hit in 2023, according to a new study.
Equity-rich mortgages — those that have a loan-to-value ratio of 50% or lower, meaning the borrower’s equity stake is at least half the property’s value — decreased to 46.1% from 47.4% the prior quarter, according to the US Home Equity & Underwater Report published by real estate data firm ATTOM.