When you own a home and its value increases, you build homeowner equity. A property is equity rich when its value is more than double the amount of the loans used to purchase it. At least, according to ATTOM Data Solutions’ 2021 U.S. Home Equity & Underwater Report.
Rise in Homeowner Equity
The report, which looks at the number of equity-rich properties across the country, found that almost one in three homes qualified during the first quarter. In fact, 31.9 percent of the 55.8 million mortgaged homes included in the analysis were equity-rich. That’s up from 30.2 percent at the end of 2020 and nearly 5.5 percent higher than last year at the same time. Todd Teta, ATTOM’s chief product officer, says it’s a great time to be a homeowner. “It continues to be a great time to be a homeowner most everywhere in the country,” Teta said. “The ongoing price spikes we’re seeing help to cut down the number of seriously underwater properties and boost the level of equity-rich properties.” Click on the link for more information.
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