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| Todd Teta |
IRVINE,
CA — ATTOM Data Solutions, curator of the nation’s
premier property database and first property data provider of
Data-as-a-Service (DaaS), released its Q1 2019 U.S. Home Equity &
Underwater Report, which shows that at the end of the first quarter of 2019,
more than 5.2 million (5,223,524) U.S. properties were seriously underwater
(where the combined balance of loans secured by the property was at least 25
percent higher than the property’s estimated market value), up by more than
17,000 properties from a year ago.
The 5.2
million seriously underwater properties at the end of Q1 2019 represented 9.1
percent of all U.S. properties with a mortgage, up from 8.8 percent in the
previous quarter but down from 9.5 percent in Q1 2018.
“With
home prices increasing at a slower pace in 2018, than in previous years, the
potential for people to climb out from mortgages that are underwater or advance
into equity-rich territory, tends to be reduced,” said Todd Teta, chief
product officer at ATTOM Data Solutions.
“However, only one in 11 mortgages are
seriously underwater today, compared to nearly one in three during the depths
of the recession.
"Although,
if the latest trend continues, it will raise another clear signal of a market
slowdown, which will be good for buyers, but not so good for sellers. But if
the pattern of the past few years takes hold – with levels of underwater and
equity rich mortgages turning around - it will mean the market remains strong
for sellers, with fewer needing to get out from under financial distress.”
CONTACTS:
Christine Stricker
949.748.8428
Data and Report Licensing:
949.502.8313
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