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25% Of Homes With A Mortgage Are Now Equity Rich!

Posted by David E. DeChant on Wednesday, September 19th, 2018 at 9:07am.

Rising home prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position.

Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up!

According to the latest Equity Report from ATTOM Data Solutions, “13.9 million U.S. properties in Q2 2018 were equity rich — where the combined estimated balance of loans secured by the property was 50 percent or less of the property’s estimated market value — representing 24.9% of all U.S. properties with a mortgage.”

This means that nearly a quarter of Americans who have a mortgage would be able to sell their homes and have a significant down payment toward their next home. Many who sell could also use their new-found equity to pay off high-interest credit cards or help children with tuition costs.

The map below shows the percentage of properties with a mortgage in each state that were equity rich in Q2 2018.

Bottom Line

If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, contact an agent in your area to discuss your options!

 

Source: https://www.keepingcurrentmatters.com/2018/09/19/25-of-homes-with-a-mortgage-are-now-equity-rich/ 

3 Responses to "25% Of Homes With A Mortgage Are Now Equity Rich!"

Is The Real Estate Market Finally Getting Back To Normal? wrote: [...]Links

25% Of Homes With A Mortgage Are Now Equity Rich!
Home Prices: The Difference 5 Years Makes
If You Are Thinking Of Selling?[...]

Posted on Thursday, September 20th, 2018 at 9:48am.

4 Reasons To Sell This Fall [INFOGRAPHIC] wrote: [...]Links

Is The Real Estate Market Finally Getting Back To Normal?
25% Of Homes With A Mortgage Are Now Equity Rich!
Home Prices: The Difference 5 Years Makes




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For[...]

Posted on Friday, September 21st, 2018 at 9:42am.

How Much Has Your Home Increased In Value? wrote: [...][INFOGRAPHIC]
Is The Real Estate Market Finally Getting Back To Normal?
25% Of Homes With A Mortgage Are Now Equity Rich!




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First Time Home Buyers (114)
For Buyers (152)
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Posted on Monday, September 24th, 2018 at 10:32am.

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