{"id":8610,"date":"2018-05-03T00:00:00","date_gmt":"2018-05-03T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/equity-rich-properties-hit-tipping-point\/"},"modified":"2018-05-03T00:00:00","modified_gmt":"2018-05-03T00:00:00","slug":"equity-rich-properties-hit-tipping-point","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/equity-rich-properties-hit-tipping-point\/","title":{"rendered":"Equity-Rich Properties Hit Tipping Point"},"content":{"rendered":"

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The number of equity-rich properties in the U.S. may have reached a tipping point, according to ATTOM Data Solutions\u2019 First Quarter 2018 U.S. Home Equity & Underwater Report. Equity-rich properties in the U.S. in the second quarter are down from their peak in the second quarter of 2017. ATTOM Data Solutions defines \u201cequity rich\u201d as borrowers who have at least 50 percent equity in their property.<\/p>\n\n

\u201cWe\u2019ve reached a tipping point in this housing<\/a> boom where enough homeowners have regained both sufficient equity and sufficient confidence to tap into their home equity\u2014resulting in a noticeably slower decline in seriously underwater properties and slower growth in equity rich properties,\u201d explains Daren Blomquist, senior vice president at ATTOM Data Solutions. \u201cThis tapping of equity could take the form of a cash-out refinance, home equity loan<\/a> or simply a home sale<\/a>. We saw the biggest quarterly drop in average homeownership tenure for homeowners who sold in the first quarter since Q4 2008, evidence that more homeowners are reaching that equity-tapping tipping point more quickly and deciding to sell.\u201d<\/p>\n\n

The number of properties with 20 to 50 percent equity dropped by 1.7 million compared to a year ago, the report shows. More than 19.5 million U.S. properties had between 20 and 50 percent equity at the end of the first quarter, which is down 8 percent from a year ago.\u00a0<\/p>\n\n

Still, one in four properties\u2014or 13.8 million\u2014with a mortgage<\/a> were considered equity rich by the end of the first quarter. That is up by more than 122,000 from a year ago but down from a peak of more than 14 million equity rich properties in the second quarter of 2017.\u00a0<\/p>\n\n

The highest share of equity rich homes are in Hawaii (41.6%), California (41.5%), New York (34.8%), Washington (33.1%), and Oregon (31.8%).\u00a0<\/p>\n\n

On a metro level (with cities that have populations of at least 500,000), those with the highest share of equity-rich homes are: San Jose, Calif. (66.1%); San Francisco (56%); Los Angeles (45.4%); Honolulu (43.1%); and Seattle. (39.1%).\u00a0<\/p>\n\n

View the chart below to see how many\u00a0equity rich homes are in your market.\u00a0<\/p>\n\n

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