{"id":19247,"date":"2021-08-10T13:23:27","date_gmt":"2021-08-10T13:23:27","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19247"},"modified":"2021-08-10T13:23:27","modified_gmt":"2021-08-10T13:23:27","slug":"third-of-homes-are-equity-rich","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/third-of-homes-are-equity-rich\/","title":{"rendered":"Third of Homes Are \u2018Equity Rich\u2019"},"content":{"rendered":"

Third of Homes Are \u2018Equity Rich\u2019<\/h1>\n
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Higher home prices are translating into mega wealth for those who own.<\/p>\n

Thirty-four percent of residential properties in the U.S. with a mortgage were considered \u201cequity rich\u201d in the second quarter, which means the combined estimated amount of loans secured by the properties was at least 50% of its estimated market value, according to a new report from ATTOM Data Solutions. The number continues to grow, increasing from 31.2% in the first quarter and 27.5% in the second quarter of 2020.<\/p>\n

\u201cThe huge home price jumps over the past year that helped millions of sellers earn big profits also kicked in big-time during the second quarter for other owners who saw their typical equity improve more than at any time in the last two years,\u201d said Todd Teta, chief product officer with ATTOM. \u201cInstead of the virus pandemic harming homeowners, it\u2019s helped create conditions that have boosted the balance sheets of households all across the country.\u201d<\/p>\n

Every state saw equity-rich levels rise in the second quarter. Western and northeastern states saw the biggest improvement, led by Arizona (up from 16.3% in the first quarter of 2021 to 39.7% in the second quarter), Massachusetts (from 25.3% to 41.7%); New Hampshire (20.4% to 36.1%); and Rhode Island (21% to 36.4%), according to ATTOM Data Solutions\u2019 report. Overall, the states with the highest level of equity-rich homes were Idaho (54.2%) and California (53.8%).<\/p>\n

On a metro level, the areas with the highest share of mortgaged properties that were equity rich in the second quarter were:<\/p>\n