Posted on 08/07/2022 9:08:35 PM PDT by SeekAndFind
Nearly half of U.S. mortgage payers own at least 50 percent equity, according to ATTOM’s Q2 2022 Home Equity & Underwater Report. This means that the balance of loans taken out against the home is less than half the estimated market value of the property.
As Statista's Anna Fleck notes, the share of equity-rich homeowners has been rising continuously for the past nine quarters. While it hit 34.4 percent in Q2 of 2021, it rose to 44.9 percent in Q1 of 2022, and finally to today’s figure of 48.1 percent for Q2 2022.
You will find more infographics at Statista
According to ATTOM, of the 1,624 counties that had at least 2,500 homes with mortgages in Q2 of 2022, 49 of the top 50 equity-rich locations were in the Northeast, South and West.
Counties with the highest share of equity-rich properties were Dukes County (Martha's Vineyard), MA (83.2 percent equity-rich); Chittenden County (Burlington), VT (82.3 percent); Gillespie County, TX (west of Austin) (79.4 percent); Nantucket County, MA (78.6 percent) and Travis County (Austin), TX (78.6 percent).
Meanwhile, counties with the smallest share of equity-rich homes in Q2 of 2022 included Geary County (Junction City), KS (7 percent equity rich); Vernon Parish, LA (northwest of Lafayette) (9.7 percent); Cumberland County (Fayetteville), NC (12 percent); Acadia Parish, LA (outside Lafayette) (13.2 percent) and Greenup County, KY (14 percent).
At the same time, just 2.9 percent of mortgaged homes were considered “seriously underwater”, meaning that the balance of loans secured by the property exceeded its market value by at least 25 percent. This is down from 3.2 percent in Q1 of this year.
Rick Sharga, executive vice president of market intelligence at Attom, said in a statement:
“After 124 consecutive months of home price increases, it's no surprise that the percentage of equity rich homes is the highest we've ever seen, and that the percentage of seriously underwater loans is the lowest. While home price appreciation appears to be slowing down due to higher interest rates on mortgage loans, it seems likely that homeowners will continue to build on the record amount of equity they have for the rest of 2022.”
Oh man We’re “equity rich”. And you know what the government does to “rich” people. Bend over and grab your ankles. One of the things that Democrats have been trying to pass for years is the concept of “imputed income” on your house. The way that works is that your imputed income is the amount that you COULD get in rent for any property you own regardless of whether or not you actually rent it. So let’s say you have paid off your house and you live in it. And the average rental for a house in your neighborhood is $2500 a month. You would the add $30,000 to your taxable income even though you never saw a penny of actual income.
Now suppose you invested in Real estate and you have a cottage on a lake. You would also be taxed on the imaginary rent that you might get if you rented that and well as the imaginary rent you could get on your house if you rented it and moved into a discarded refrigerator box.
That would greatly drive down home prices, right?
“You’ll own nothing and you’ll be happy.”
RE: One of the things that Democrats have been trying to pass for years is the concept of “imputed income” on your house.
That will NEVER ass Congress. Why? because many Congressmen have more than one property.
Heck even in Senate, the Communist sympathizing Bernie Sanders owns THREE very expensive properties.
It’s a form of confiscatory taxation.
They’ll write themselves an exemption like they always do.
They will make an exemption for themselves. They’re already exempt from SS tax.
The rate of home appraisal appreciation has simply outpaced home owners’ rate of extraction of their home equity. Fear not, they will catch up quickly!
RE: They’ll write themselves an exemption like they always do.
What happens if they get voted out of office?
“One of the things that Democrats have been trying to pass for years is the concept of “imputed income” on your house.
That will NEVER ass Congress. Why? because many Congressmen have more than one property.”
Congress just exempts itself from inconveniently burdensome laws.
They’ll exempt themselves somehow.
Grandfathered in?
Higher property taxes is the price you pay for being equity rich.
They also want to pass a tax on unrealized gains
They write in the law an exemption for all current and former members of congress.
And they’ll pass it in a 1200 page BS graft bill in the dead of the night with 1 hour to look at it.
discarded refrigerator box has imaginary rental fees as well. Ditto for tents, teepees and caves. Could also be applied to a plot of bare ground.
Don’t feel bad about paying high taxes and having no discretionary spending. You’re equity “rich”!!!!
Thanks.!
Junction City , KS (7 percent equity rich)
Which makes sense sense the town sits next to an army base, Fort Riley KS and people rotate in and out regularly.
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