The number of “equity-rich” mortgages in the U.S. remained historically high in the first quarter, according to ATTOM’s latest data. However, “equity-rich” rates fell in 47 states.
ATTOM defines an “equity-rich” mortgage as one where the loan balance is no more than half of the home’s estimated market value.
In the first quarter, 46.2% of mortgaged residential properties in the country were considered equity-rich, down from 47.7% in the fourth quarter.
States with the highest percentage of equity-rich mortgages included Vermont at 85.8%, New Hampshire, 60.5%; Rhode Island, 59.8%; Montana, 59.4%; and Maine at 58.9%.
States with the lowest percentage of equity-rich mortgages included North Dakota at 31.9%; Alaska at 31.7%; Illinois at 31.5%; Maryland at 31.4%; and Louisiana at 20.3%.
Photo: Pepi Stojanovski