U.S. Homeowners Four Times as Likely to Be Equity Rich Than Underwater

A new study that was conducted by ATTOM Data Solutions has revealed that approximately 14.5 million residential properties within the US were considered equity rich. Only 3.6 million were considered to be underwater. This means that US homeowners are actually four times more likely to have an equity rich property compared to one that is underwater. It is important to note, however, that these statistics were gathered in the first quarter of 2020, before the COVID-19 pandemic occurred.

Key Takeaways:

• A new study suggests that right before the coronavirus pandemic homeowners were doing well with their mortgages.
• Predictions suggest that the coronavirus pandemic will have a bad effect on mortgage rates.
• While the economy is in a bad place, there are still some worthwhile homes out there.

“In a market like this, however, it’s important to be extra careful. You don’t want to try to catch a falling knife.”

Read more: https://www.biggerpockets.com/blog/us-homeowners-four-times-likelier-equity-rich-than-seriously-underwater