Nearly half (48.1%) of mortgaged residential properties in the country were considered equity-rich in the second quarter, according to a new report by data curator ATTOM, an increase from 44.9% in the first quarter and from 34.4% in the second quarter of 2021.

The increase was the ninth straight quarterly rise in the portion of homes in the equity-rich category, according to ATTOM. “Equity rich” means that the combined estimated amount of loan balances secured by those properties was no more than 50% of their estimated market values.

At least half of all mortgage-payers in 18 states were equity-rich in the second quarter, compared to only three states a year earlier, according to the report.

Seven of the 10 states where the equity-rich share increased most were in the southern region. The biggest increases were in Wyoming, where the portion rose from 26.1% in the first quarter to 33.9% in the second quarter; Maine (up from 48.5% to 56.3%); Florida (up from 53.6% to 60.4%); Mississippi (up from 23.5% to 29.1%); and South Carolina (up from 41.2% to 46.5%.

States where the equity-rich share of mortgaged homes decreased, or went up the least, from the first quarter to the second quarter of this year were New Jersey (down from 38.6% to 37.9%), Utah (up from 63.6% to 64.3%), and Idaho (up from 68.8% to 69.5%).

The report also shows that just 2.9% of mortgaged homes, or one in 34, were considered seriously underwater in the second quarter of 2022, with a combined estimated balance of loans secured by the property of at least 25% more than the property’s estimated market value. That number was down from 3.2% of all U.S. homes with a mortgage in the prior quarter and 4.1%, or one in 24 properties, a year ago.

Across the country, 49 states saw equity-rich levels increase from the first quarter of this year to the second, while seriously underwater percentages dipped in 46 states. Year over year, equity-rich levels rose in all 50 states and seriously underwater portions dropped in 46 states.

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