The share of current homeowners who can consider themselves equity rich remains historically high, according to ATTOM Data Solutions' third quarter 2024 U.S. Home Equity & Underwater Report. The report found 48.3 percent of mortgaged residential properties were equity rich – meaning the combined loan balances secured by those properties were no more than half the properties' value. That's higher than last year when it was 47.4 percent but lower than the second quarter of this year when it hit its recent peak of 49.2 percent.
Rob Barber, ATTOM's CEO, says homeowners remain in great shape. “Despite the flat pattern, home equity keeps providing a significant boost to the economy in the form of financial leverage that tens of millions of households can use to finance major purchases or investments,” Barber said. “We can expect to see small movements up or down over the coming months as the housing market moves into its annual slow season.”
[Source: ATTOM]
