Rising home prices during the spring sales season pushed the share of equity rich homes higher, according to new data from ATTOM Data Solutions. ATTOM's most recent U.S. Home Equity & Underwater Report found 49.2 percent of mortgaged residential properties were considered equity rich, meaning the combined amount of loan balances on those properties was less than half their estimated market value. In short, spring was good for homeowners.
Rob Barber, ATTOM's CEO, says homeowner wealth turned for the better. “Homeowner wealth took a notable turn for the better during the second quarter as equity levels piggybacked on some of the biggest home-price spikes we've seen in recent years,” Barber said. “After a period where equity seemed stagnant or even declining, this brought another boost of good news for homeowners from the enduring housing market boom.”
[Source: ATTOM]
