According to ATTOM’s newly released Q1 2022 U.S. Home Equity and Underwater Report, 44.9 percent of mortgaged residential properties in the U.S. were considered equity-rich in the first quarter. That figure is up from 41.9 percent in Q4 2021 and 31.9 percent in Q1 2021.

ATTOM’s latest home equity and underwater analysis notes that equity-rich equates to the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their homes estimated market values.

The first-quarter report also states that just 3.2 percent of mortgaged homes were considered seriously underwater in Q1 2022, meaning that the combined estimated balance of loans secured by those properties was at least 25 percent more than the property’s estimated market value. According to the report, that was virtually the same as the 3.1 percent level of all U.S. homes with a mortgage in Q4 2021, but still well down from 4.7 percent in Q1 2021.

Also according to ATTOM’s latest home equity and underwater analysis, across the country, 45 states saw equity-rich levels increase from Q4 2021 to Q1 2022, while seriously underwater percentages increased in 28 states – by less than one percent in most cases. The report also noted that year over year, equity-rich levels rose in 48 states and seriously underwater portions dropped in 46 states.

ATTOM’s Q1 2021 analysis found that the highest levels of equity-rich properties around the U.S. remained in the West in Q1 2022, with eight of the top 10 states located in that region, led by Idaho (68.8 percent of mortgaged homes were equity-rich), Vermont (68 percent), Utah (63.6 percent), Washington (60.9 percent) and Arizona (60.9 percent).

According to the report, among metro areas around the nation with a population greater than 500,000, the 30 with the highest shares of mortgaged properties that were equity-rich in Q1 2022 were in the West and South. The report noted the top five were San Jose, CA (74.4 percent equity-rich); Austin, TX (73.8 percent); Boise, ID (70 percent); San Francisco, CA (68.1 percent) and Salt Lake City, UT (65.2 percent). Also, while Austin again led the South and San Jose led the West, the leader in the Northeast region was Portland, ME (52.1 percent) and the top metro in the Midwest continued to be Grand Rapids, MI (49.1 percent).

ATTOM’s latest report noted that U.S. counties with the highest share of equity-rich properties in Q1 2022 were Dukes County (Martha’s Vineyard), MA (81.1 percent equity-rich); Teton County (Jackson), WY (78.7 percent); San Mateo County, CA (outside San Francisco) (77.4 percent); Chittenden County (Burlington), VT (77.1 percent) and Nantucket County, MA (76.6 percent).

On a more granular level, the report stated that among 8,705 U.S. zip codes that had at least 2,000 residential properties with mortgages in Q1 2022, there were 3,247 (37 percent) where at least half the mortgaged properties were equity-rich. ATTOM’s report found that 41 of the top 50 were in California and Texas, with 12 of the top 25 in Austin, TX. Those top zips were led by: 78739 in Austin, TX (84.5 percent of mortgaged properties were equity-rich); 78733 in Austin, TX (84.5 percent); 78617 in Del Valle, TX (83.6 percent); 94703 in San Francisco, CA (83.6 percent) and 94116 in San Francisco, CA (83.4 percent).

In this post, we uncover the complete list of the top 10 U.S. zip codes with the highest shares of equity-rich properties in Q1 2022. Those zips rounding out the top 10 include: 95130 in San Jose, CA (83.3 percent); 02539 in Edgartown, MA (83.1 percent); 78759 in Austin, TX (82.7 percent); 02557 in Oak Bluffs, MA (82.6 percent); and 95148 in San Jose, CA (82.5 percent).

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