The share of equity-rich properties rose to a new high—26 percent of homeowners with a mortgage in the third quarter, according to ATTOM Data Solutions’ Q3 2017 U.S. Home Equity & Underwater Report.
In the third quarter, there were more than 14 million U.S. properties considered equity rich, which is when the combined loan amount secured by the property is 50 percent or less of the estimated market value of the property. The number of equity-rich properties is up by 905,000 compared to a year ago, according to the report.
ATTOM Data Solutions found these areas (in metros with a population of 500,000 or more) had the highest share of equity-rich properties:
- San Jose, Calif.: 61%
- San Francisco: 56.4%
- Los Angeles: 45.3%
- Honolulu: 43.9%
- Oxnard-Thousand Oaks-Ventura, Calif.: 38.7%
- Seattle: 38.7%
- San Diego: 38.3%
- Portland, Ore.: 36.7%
- Austin, Texas: 35.8%
- Stockton, Calif.: 35.2%
By that definition the paid off house is Equity rich: The national average of homes free and clear is between 30 and 34 percent. If you take the average and subtract it from the numbers above a lot of folks in some cities must have done home equity loans already, or be in rapidly growing communities with a young housing stock. I suspect a lot of boomers are in the free and clear stage.
The Dawghaus may be equity rich by this definition but it would be foolish to tap that “dead equity.” Best pretend it doesn’t exist. The house you live in is not an investment.
Off topic but it seems all the Bolts needed was an smaller, older stadium.
We now have a 35,000-seat stadium plan on the table at the same site for SDSU football. Housing, retail, parking – the whole package.
Maybe the Chargers come back?
We here have overnight thousands of acres available for redevelopment. Watching on TV houses I recognize burning.
Only 35K? “StubHub Center will be 30,000 seats, with approximately 3,000 premium and field seats, 46 suites, 16 cabanas, and 10,000 on-site parking spaces.”
(C&P)
The Bolts will be in Inglewood when that stadium is finished. Start rooting for the local college. It’s more fun anyway.
Hope the Dog is OK.
Anyone else note that #s 1-8 are all coastal in the extreme?
“Anyone else note that #s 1-8 are all coastal in the extreme?”
Yeh. Has that exercised tech stock option stink all over ’em.
Damned kids in their Porsche Macan’s with the damned snap-on canoe racks!
Drivin’ around like they got it aaaall figured out!
Get out of your way? You get out of MY way, you damned kids!
Bah!!
At least they pay $18 for a six pack of my nanobrew Kanalsicherung.
Kanalsicherung: Schmeckt bestimmt ganz lecker!
For those confused.
Kanalsicherung can mean several things and thus the joke. “Channel assurance” sounds like a good name for beer but put “sewer backup” into google translate and it also returns Kanalsicherung. This comes from my brewing beer in college that we called the German translation of “that which sticks to the sides of an open cesspool.” Wasted youth.
“At least they pay $18 for a six pack of my nanobrew Kanalsicherung.”
Get good help!
http://ktla.com/2017/11/30/new-bill-proposes-extending-bar-hours-to-4-a-m-in-6-california-cities/
Q: If you’re married and file separately, will you each get a $10k property tax deduction? I know if you own a property with another (or spouse), you each get $250k cap gains tax free as principal residence, thinking same would apply here.
That is, even if you own 5% of a house with someone else, and it’s your primary, you can take $250k tax free. Any reason two individuals, who happen to be married, can’t do same for the $10k.
Jim/All – you have any thoughts on unintended consequences of the tax bills (as constituted)? You think there could be an impact from eliminating interest deduction on equity withdrawals with regard to the cash buyer market? Also wondering if increasing the time homeowners need to be in their home ultimately reduces velocity, which gums up the market further.