(Image courtesy of ATTOM Data Solutions)

Home Equity Extremes by Value Range.

New research shows home equity is growing.

In its Q2 2017 U.S. Home Equity & Underwater Report, ATTOM Data Solutions finds estimated market values are higher than mortgage amounts for 25 percent of properties across the U.S. That’s an increase of 2 percent from the same period last year.

Across metro Phoenix, 23 percent of properties were considered equity rich, compared to 22 percent in Q2 2016. Statewide, 22.8 percent of properties were labeled equity rich, compared to 21.2 percent in Q2 2016.

ATTOM’s data also show the number of seriously underwater properties has dropped. Seriously underwater is defined as having a mortgage that’s at least 25 percent more than the property’s estimated market value.

Last year, 11.8 percent of metro Phoenix properties were considered seriously underwater. As of June, it was 9.7 percent.

ATTOM Q2 2017 Report Highlights:

•     14 million equity rich properties across the U.S. (24.6 percent of all properties with mortgages, up from 22.1 percent in Q2 2016)
•     Equity rich definition: The combined loan amount secured by the property was 50 percent or less of the estimated market value of the property.
•     5.4 million seriously underwater properties across the U.S. (9.5 percent of all properties with mortgages, down from 11.9 percent in Q2 2016)
•     Seriously underwater definition: The combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value.