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Equity Rises For A Quarter Of Homes On Mortgages

Friday, September 21, 2018   /   by June Quilantang

Equity Rises For A Quarter Of Homes On Mortgages


If you're debating on moving to your dream home, you might be in luck. In some areas in the U.S. home equities rise which could give way to spending less for the long-awaited dream home for the lucky 25% of homeowners with a mortgage.

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.

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!

Reference: https://bit.ly/2QPeId1?

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The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Rummy Dhanoa - eXp Realty - New York Real Estate Experts are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

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