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| Daren Blomquist |
IRVINE, CA, Jan. 28 , 2016 — RealtyTrac®
(www.realtytrac.com), the nation’s leading source for comprehensive housing
data, today released its Year-End 2015 U.S. Home Equity & Underwater
Report, which shows that as of the end of 2015 there were 6.4 million
(6,436,381) U.S. properties seriously underwater — where the combined loan
amount secured by the property is at least 25 percent higher than the
property’s estimated market value — representing 11.5 percent of all properties
with a mortgage.
The report is based on
publicly recorded mortgage and deed of trust data collected and licensed by
RealtyTrac nationwide along with an industry standard automated valuation model
(AVM) updated monthly on RealtyTrac’s entire database of more than 140 million
U.S. properties.
The year-end 2015
seriously underwater properties were down 481,292 from 6.9 million (6,917,673)
representing 12.7 percent of all properties with a mortgage at the end of the
third quarter of 2015 and down 616,189 from 7.1 million (7,052,570)
representing 12.7 percent of all properties with a mortgage at the end of 2014.
The number of seriously
underwater properties at the end of 2015 was half the 12.8 million (12,824,279)
representing 28.6 percent of all properties with a mortgage in Q2 2012, the
peak for seriously underwater properties.
“Over the past three and a
half years, the number of seriously underwater properties has been cut in half,
but we continue to deal with a long tail of seriously underwater properties,
and it will likely be another five years at least before most of those
remaining underwater properties move into positive equity territory,” said Daren Blomquist, vice president at
RealtyTrac.
“At the other end of the spectrum, the growing
number of equity rich properties reflects a moribund move-up market and
restrained leveraging of home equity by U.S. homeowners.”
For a complete copy of the company’s news release,
please contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
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