California Homeowners are Equity Rich
According to Attom Data Solutions, equity rich U.S. properties increased to a new high of 14.5 million in the third quarter of 2018. California and the Bay Area topped the list.
Earlier this month, Attom Data Solutions released its Q3 2018 U.S. Home Equity & Underwater Report which showed that nearly 14.5 million U.S. properties in Q3 were equity rich. How do they define “equity rich”? Equity rich is, “where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value”. Attom says, “this number is actually up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.”
The following highlights are discussed in more detail in the article available at Attom Data Solutions Equity Rich.
- The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage, up from 24.9 percent in the previous quarter but down from 26.4 percent in Q3 2017.
- States with the highest share of equity rich properties were California (42.5 percent); Hawaii (39.4 percent); Washington (35.3 percent); New York (34.9 percent); and Oregon (33.6 percent).
- The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94087 in Sunnyvale (87.1 percent equity rich); 94085 in Sunnyvale (86.7 percent equity rich); 94086 in Sunnyvale (86.7 percent equity rich); 94063 in Redwood City (85.9 percent equity rich); and 95130 in San Jose (85.7 percent equity rich).
If you are looking to use the equity in your home to upgrade, to cash out for retirement, or to purchase an investment property, contact me at email@example.com to discuss your personal situation. For a free home valuation, go to KernerHomeValues.