Equity rich homes outnumber seriously underwater properties by 13:1 in Q4 2021.
41.9% of All US Mortgaged Homes Considered Equity-Rich in Q4 2021
According to its recently released Q4 2021 US Home Equity & Underwater Report, ATTOM indicated that nearly 42% of all mortgaged residential properties in the US were considered to be equity rich.
This 41.9% portion of mortgaged homes that were equity rich in Q4 2021 increased from 39.5% in Q3 2021 and from 30.2% in Q4 2020.
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ATTOM also indicated in this same report that just 3.1% of mortgaged homes, or one in 32 homes, were considered to be seriously underwater in Q4 2021. This 3.1% is down from 3.4% of all mortgaged homes in Q3 2021 and down from 5.4%, or one in 18 properties, in Q4 2020.
48 states saw equity rich levels improve from Q3 to Q4 2021. Seriously underwater percentages decreased in 46 states. Both ends of the equity scale posted gains.
According to Todd Teta, ATTOM’s chief product officer, “Another quarter, another boost to the balance sheets of homeowners in most of the US – that was the story from the fourth quarter of last year. As home prices kept rising, so did the equity built up in residential properties, to the point where close to half of all mortgage payers around the country found themselves in equity rich territory…for now, homeowners are sitting pretty as the wealth they have tucked away in their homes keeps growing.”
Western & Southern States Saw Biggest Improvements
13 of the 15 states that experienced the biggest increases in equity rich shares of mortgaged homes from Q3 to Q4 2021 were in the West and South.
– Tennessee – from 41.4% in Q3 to 47.2% in Q4 2021
– North Carolina – from 38.6% to 44.22%
– Georgia – from 35.3% to 40.1%
– Arizona – from 53.2% to 57.6%
States in which the equity rich share of mortgaged homes decreased or went up the least from Q3 to Q4 2021 included:
– Wyoming – down from 25.8% to 24.5%
– Connecticut – down from 30.6% to 31.3%
– Alaska – up from23% to 23.9%
– Illinois – up from 21.5% to 22.5%
Southern & Midwestern States Saw Largest Declines in Underwater Properties
14 of the 15 states that experienced the biggest declines in the share of seriously underwater mortgaged homes from Q3 to Q4 2021 were in the South and Midwest. Take a look:
– Mississippi – down from 17.7% to 12.2%
– Maine – down from 5.8% to 4.4%
– Iowa – down from 8.4% to 7%
– West Virginia – down from 7.1% to 5.9%
– Arkansas – down from 7% to 5.9%
States in which the percentage of seriously underwater mortgaged homes increased or declined the least from Q3 to Q4 2021 included:
– Wyoming – up from 11.5% to 14.3%
– Connecticut – up from 3.8% to 4.3%
– Arizona – up from 1.3% to 1.4%
– Utah – up from 1.23%tp 1.24%
– South Dakota – up from 4.61% to 4.6%
Nine of the top 10 states with the highest levels of equity rich properties were in the West. Twelve of the 15 states with the lowest percentages of equity rich properties in Q4 2021 were in the Midwest and the South.
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Thanks to ATTOM.