A recent analysis by Irvine, California-based Attom Data Solutions LLC found 48.5% of mortgaged residential properties nationally were considered equity-rich in the third quarter. A property is considered equity-rich when the amount of loan balances secured by it is no more than 50% of its estimated market value.
By Attom's measurement, Q3 2022 continued to see gains in homeownership equity, the 10th consecutive quarterly increase, although at a slower rate than previous quarters. Equity positions were $5 trillion, or 46%, higher than pre-pandemic levels in Q3, according to Black Knight. In fact, it's because of record-high price appreciation that pandemic boom markets are disproportionately equity rich, said, executive vice president of market intelligence at Attom. Among markets tracked by Attom, the metropolitan statistical areas with the lowest amount of homeowner equity are slower-growth markets, but aren't cooling off as rapidly now.
Attom found 2.9% of mortgaged homes nationally are considered seriously underwater, meaning the balance of loans secured by the property is at least 25% more than its estimated market value.
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