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The Top 10 States with Underwater Mortgages
Manage episode 444125301 series 3039481
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fWhich states are still struggling with the highest number of homeowners underwater? Homeowners are witnessing a positive shift in home equity after three quarters of decline. Thanks to a spike in home prices during the 2024 spring buying season, homeowner equity is on the rise, with a decline in seriously underwater mortgages. This trend is driven by factors like limited inventory and increased demand, benefiting many regions across the U.S.
HERE IS THE LINK TO THE FULL ARTICLE: https://snip.ly/q224top10water
ATTOM’s 2024 U.S. Home Equity & Underwater Report for Q2 shows more properties are now equity-rich, where loan balances are no more than half of the home’s market value. Nationally, the number of seriously underwater homes—those with loans exceeding the property's value by at least 25%—has dropped to the lowest level since 2019.
The equity gains come amid home prices reaching record highs, with the median price hitting $365,000 in Q2 2024. Lower unemployment rates, stable mortgage rates, and a booming investment market have also fueled this increase.
Regions like the South and Midwest have seen major improvements in equity-rich levels. States like Kentucky, Illinois, and Missouri have shown the most significant gains, while some Southern and Midwestern states still grapple with high rates of seriously underwater mortgages due to factors like employment rates and population decline.
The trend of rising homeowner equity is expected to continue into the fourth quarter of 2024, offering hope for homeowners with underwater mortgages. With demand and home prices on the rise, underwater mortgage rates could see further declines, especially in struggling states.
Find out which states are benefiting the most and the outlook for Q4 2024!
Watch the original VIDEO HERE!
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