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The unique challenges facing minority first-time homebuyers

In this episode, we interview Timothy Demry, a real estate agent in San Francisco’s Bay Area, about his experience serving minority first-time homebuyers.

How modernized servicing creates customers for life

Servicers must be powered by nimble technology to be heroes to borrowers, stalwarts to investors, and stewards of consumer protection to regulators.

Savvy lenders are already preparing for the next valley – Here’s how

Despite increased rate of tech adoption, the industry still has room for continued tech development and usage. Read here to learn more about key technologies that lenders need to give more attention to.

MortgageReal Estate

Number of equity-rich properties soars to new high

14.5 million mortgaged properties have 50% or more equity

The number of mortgaged properties in the U.S. that are equity-rich has soared to 14.5 million – a new high, according to the latest report from ATTOM Data Solutions.

The report shows that 25.7% of the 155 million mortgaged properties it analyzed are equity-rich. This means that these properties have a loan-to-value ratio of 50% or lower, leaving the homeowner with at least a 50% equity stake.

The number of equity rich properties is up by more than 433,000 from last year, and ATTOM said it’s the highest total it has seen since it began collecting this data in 2013.

“As homeowners stay put longer, they continue to build more equity in their homes despite the recent slowing in rates of home price appreciation,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“West coast markets along with New York have the highest share of equity-rich homeowners, while markets in the Mississippi Valley and Rust Belt continue to have stubbornly high rates of seriously underwater homeowners when it comes to home equity,” Blomquist added.

The states with the highest share of equity-rich properties have remained consistent, with California taking the lead at 42.5%, followed by Hawaii (39.4%), Washington (35.3%), New York (34.9%) and Oregon (33.6%).

Among the metropolitan statistical areas analyzed, the top three were in California, with San Jose leading the charge at 73.9%, followed by San Francisco at 59.8% and Los Angeles with 47.6%. Seattle and Honolulu were next with 41.2% and 40.8% respectively.

The report also measured the percentage of mortgaged properties across the U.S. that were underwater. The states with the highest share of these were Louisiana, Mississippi, Iowa, Arkansas and Illinois.

View the interactive home equity heat map from ATTOM below to explore home equity hot-spots nationwide.

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