Seriously Underwater Homes See Biggest Drop Since 2015
In their latest U.S. Home Equity & Underwater Report, ATTOM Data Solutions reports that in Q3 2017 there were over 4.6 million U.S. properties that were seriously underwater, down by more than 800k properties from the previous quarter and down by more than 1.4 million properties from Q3 2016 — the biggest year-over-year drop since Q2 2015. In addition the report says there were over than 14 million properties (26.4% of all U.S. properties with a mortgage) that were equity rich which was down slightly from the Q2 but still up by 905k compared to one year ago.
“Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago.”