The rapid rise in home prices over the last couple years has led to this surge in equity and could help reduce the number foreclosures seen as the moratoria at both the federal and local levels eventually expires.
ATTOM’s report also found that only 4.1% of residential mortgages were considered seriously underwater during the second quarter, which is down 2.1% year-over-year. This collective rise in homeowner equity, along with far less underwater borrowers, could lead to struggling homeowners selling their properties before facing foreclosure – which would also help replenish a very thin housing market.
For more information, including regional breakdowns, check out ATTOM’s report.
Sources:
ATTOM Data Solutions – attomdata.com
DS News – dsnews.com
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