The West had far higher levels of equity-rich mortgaged properties during Q3. The highest share of seriously underwater mortgaged properties remained in the South and Midwest during Q3 2021.
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Largest Shares of Equity-Rich Mortgaged Homes Remained in The West
Eight of the top 10 states with the highest levels of equity-rich mortgaged homes during Q3 2021 were located in The West. Take a look at the top five:
- Idaho – 65.1% of mortgaged homes were equity-rich
- Vermont – 61.2% equity-rich
- Utah – 60.9% equity-rich
- Washington – 56.2% equity rich
- Arizona – 53.2%
Thirteen of 15 states with the lowest levels of equity-rich mortgaged properties were located in The South and Midwest. Take a look at the bottom five:
- Louisiana – 19.8% of mortgaged homes were equity-rich
- Illinois – 21.5% equity-rich
- Alaska – 23% equity-rich
- Mississippi – 23% equity-rich
- Oklahoma – 24.7% equity rich
Fourteen of the 15 metro areas with populations greater than 500,000 that had the highest shares of equity-rich mortgaged properties were in The West. Take a look at the top five of those metros:
- Austin TX – 66.9% equity-rich
- Boise ID – 66.7% equity-rich
- San Jose CA – 65.8% equity-rich
- Ogden UT – 62.8%% equity-rich
- Spokane WA – 62.2% equity-rich
Austin also led The South while the leading metro of the country in the Northeast region continued to be Boston MA with 48.9% of mortgaged properties being equity rich. Grand Rapids MI with 44.8% of its mortgaged properties being equity-rich remained the top metro in the Midwest.
The 10 metros with the lowest levels of equity-rich properties were in the Midwest and South. Take a look at the metros with the lowest levels:
- Jackson MI – 10.2% equity-rich
- Baton Rouge LA – 16.2% equity-rich
- Wichita KS – 17.6% equity-rich
- Little Rock AR – 20.2% equity-rich
- Virginia Beach VA – 21.5% equity-rich
Top Equity-Rich Counties Clustered in The West
Fifteen of the top 20 equity-rich counties with at least 2,500 mortgaged homes during Q3 were located in The West. Counties with the highest levels of equity-rich properties included:
- Nantucket County MA – 76.6% equity-rich
- Blaine County ID (north of Twin Falls) – 74.5%
- Dukes County MA 9 Martha’s Vineyard) – 74.3%
- Valley County ID (north of Boise) – 74%
- Gem County ID (outside of Boise) – 71.8%
Counties with the smallest share of equity-rich mortgaged properties included:
- Campbell County WY (Gillette) – 7.3%
- Geary County KS (Junction City) – 7.4%
- Madison County MS (north of Jackson) – 8.2%
- Hoke County NC (outside of Fayetteville) – 9.6%
- Cowley County KS (outside of Wichita) – 11%
Highest Shares of Seriously Underwater Properties Remained in South and Midwest
Nine of the 10 states with the highest Levels of seriously underwater mortgaged residential properties were again in the Midwest and South. The most seriously underwater states included:
- Mississippi – 17.7% seriously underwater
- Wyoming – 11.5%
- Louisiana – 10.7%
- Iowa _ 8.4%
- Illinois – 7.6%
The smallest shares of seriously underwater states included:
- Washington – 1.2%
- Utah – 1.2%
- Oregon – 1.3%
- Arizona – 1.3%
- Nevada – 1.4%
88% of the 106 metro areas analyzed by ATTOM for this report showed a decline in shares of seriously underwater mortgaged properties from Q2 to Q3 2021. Year over year, seriously underwater rates dropped in 96% or 102 metros.
Thanks to ATTOM Data Solutions.
