11 May ATTOM: 3.6 Million Homes Considered Seriously Underwater
ATTOM: 3.6 Million Homes Considered Seriously Underwater
May 7, 2020
Source: ATTOM Data Solutions
Equity-rich Properties in First Quarter of 2020 Comprise 26 Percent of All Mortgaged Homes; Seriously Underwater Properties Make Up Just 7 Percent
IRVINE, Calif. — May 7, 2020 — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its first-quarter 2020 U.S. Home Equity & Underwater Report, which shows that 14.5 million residential properties in the United States were considered equity-rich, meaning the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.
The count of equity-rich properties in the first quarter of 2020 represented 26.5 percent, or about one in four, of the 54.7 million mortgaged homes in the U.S. That percentage was down slightly from the 26.7 percent level in the fourth quarter of 2019.
The report also shows that just 3.6 million, or one in 15, mortgaged homes in the first quarter of 2020 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25 percent more than the property’s estimated market value. That figure represented 6.6 percent of all U.S. properties with a mortgage, up slightly from 6.4 percent in the prior quarter.
The figures were derived from the last data recorded before the economic fallout from the Coronavirus pandemic began to sweep across the U.S., potentially damaging the nation’s housing market.
To access full report, please click the source link above.