According to their latest U.S. Home Equity & Underwater Report, ATTOM Data Solutions is reporting that as of the end of Q1 2018, over 5.2 million U.S. properties were seriously underwater. This figure is down 291k properties from just one year ago which ATTOM says is the smallest year-over-year drop since they began tracking them in 2013. ATTOM defines “seriously underwater” as properties where the combined balance of loans secured was at least 25% higher than the property’s estimated market value.
“We’ve reached a tipping point in this housing boom where enough homeowners have regained both sufficient equity and sufficient confidence to tap into their home equity — resulting in a noticeably slower decline in seriously underwater properties and slower growth in equity rich properties,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
Click here to read the full report at attomdata.com.
