For 34% of Homeowners, Equity Surges More Than 50%
Sellers are still thriving as home prices remain high, ATTOM Data Solutions reported that 34.4% of all residential properties with a mortgage are equity-rich; that is up from 27.5% at the same time last year. That means 34.4% of residential property owners with a mortgage have more than 50% equity in their homes. In other favorable news, after the unemployment rate surged as a result of COVID-19 the unemployment rate is now just 1.9 percentage points above the rate in February 2020 following a strong July jobs report. We take a closer look This Week in Real Estate.
The huge home-price jumps over the past year that helped millions of sellers earn big profits also kicked in big-time during the second quarter for other owners who saw their typical equity improve more than at any time in the last two years.Todd Teta, chief product officer with ATTOM