Homeowners Rejoice as Home Equity Rises
The real estate market has seen sellers as the top dog recently – and it looks like sellers might have even more excitement coming their way.
ATTOM recently released its second-quarter 2021 U.S. Home Equity & Underwater Report. The report shows that 34.4% of mortgaged residential properties in the U.S. were considered equity-rich in the second quarter. This is up from 31.2% in the first quarter.
Compared to the second quarter of 2020, homeowners saw equity-rich levels rise in all states. This is great news for the real estate market – the equity rise is the largest in two years and continues to help show that the housing market boom has continued for a 10th straight year.
The metro areas that were equity rich in the second quarter with the highest share of mortgaged properties:
- San Jose, California: 69.4%
- San Francisco, California: 64.9%
- Los Angeles: 57.9%
- Boise, Idaho: 57.4%
- San Diego: 54.3%