Seriously Underwater U.S. Properties Drop by 1.4 Million From Q3 2016
November 16, 2017
ATTOM Data Solutions has released its Q3 2017 U.S. Home Equity & Underwater Report, which shows that there were 4.6 million (4,628,408) U.S. properties that were seriously underwater, down by more than 800,000 properties from the previous quarter and down by more than 1.4 million properties from Q3 2016—the biggest year-over-year drop since Q2 2015.
The 4.6 million seriously underwater properties at the end of Q3 2017 represented 8.7 percent of all U.S. properties with a mortgage, down from 9.5 percent in the previous quarter and down from 10.8 percent in Q3 2016.
“Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession,” said Daren Blomquist, Senior Vice President at ATTOM Data Solutions. “Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago.”
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