HOUSING NEWS REPORT
ATTOM DATA
HOME EQUITY HEAT MAP Q1 2018 SERIOUSLY UNDERWATER
point more quickly and deciding to sell.” More than 19.5 million (19,513,871) U.S. properties had between 20 and 50 percent equity (LTV of between 80 and 50 percent) at the end of Q1 2018, down by 1,714,099 from a year ago, an 8 percent decrease. Homes with 20 to 50 percent equity represented 36.1 percent of all proper- ties with a mortgage as of the end of Q1 2018, down from 36.3 percent in the previous quarter and down from 37.6 percent in Q1 2017. See the number and share of seriously underwater and equity rich properties in your local housing market in the heatmap above. HIGHEST SHARE OF EQUITYRICH PROPERTIES IN COASTAL CALIFORNIA, HONOLULU, SEATTLE States with the highest share of equity rich homes were Hawaii (41.6 percent); California (41.5 percent); New York (34.8 percent); Washington (33.1 per- cent); and Oregon (31.8 percent). Among 98 metropolitan statistical areas with a population of at least 500,000, those with the highest share of equity rich homes were San Jose, California (66.1 percent); San Fran- cisco, California (56.0 percent); Los
The Most Underwater and EquityRichU.S. Housing Markets "DATA IN ACTION" ARTICLE FROM ATTOM DATA SOLUTIONS.
Angeles, California (45.4 percent); Honolulu, Hawaii (43.1 percent); and Seattle, Washington (39.1 percent).
those with the highest share of seriously underwater homes at the end of Q1 2018 were Scranton, Pennsylvania (21.9 per- cent); Baton Rouge, Louisiana (19.9 per- cent); Youngstown, Ohio (19.5 percent); New Orleans, Louisiana (18.5 percent); and Toledo, Ohio (18.0 percent). Along with New Orleans, among 51 metro areas with at least 1 million people, those with more than 13 percent of serious- ly underwater properties were Cleveland, Ohio (16.5 percent); Milwaukee, Wisconsin (16.0 percent); St. Louis, Missouri (14.7 percent); Chicago, Illinois (13.8 percent); Detroit, Michigan (13.6 percent); Virginia Beach, Virginia (13.4 percent); and Kansas City, Missouri (13.4 percent). •
HIGHEST SHARE OF SERIOUSLYUNDERWATER PROPERTIES IN SCRANTON, BATON ROUGE, YOUNGSTOWN States with the highest share of seri- ously underwater homes at the end of Q1 2018 were Louisiana (20.1 percent); Mississippi (18.0 percent); Iowa (17.2 percent); West Virginia (15.9 percent); and Illinois (15.9 percent). Among 98 metropolitan statistical ar- eas with a population of at least 500,000,
ly underwater properties and slower growth in equity rich properties,” said Daren Blomquist, senior vice presi- dent at ATTOM Data Solutions. “This tapping of equity could take the form of a cash-out refinance, home equity loan or simply a home sale. We saw the biggest quarterly drop in average homeownership tenure for homeowners who sold in the first quarter since Q4 2008, evidence that more homeowners are reaching that equity-tapping tipping
ore than 5.2 million (5,206,446) U.S. properties were serious- ly underwater (where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value) at the end of Q1 2018, down by more than 291,000 properties from a year ago — the smallest year-over-year drop since tracking began in Q1 2013, according to the ATTOM Data Solutions U.S. Home Equity & Underwater Report.
The 5.2 million seriously underwater properties at the end of Q1 2018 repre- sented 9.5 percent of all U.S. properties with a mortgage, up from 9.3 percent in the previous quarter but down from 9.7 percent in Q1 2017. “We’ve reached a tipping point in this housing boom where enough home- owners have regained both sufficient equity and sufficient confidence to tap into their home equity — resulting in a noticeably slower decline in serious-
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