Homeowners are Becoming Equity Rich. In Los Angeles the rate is 38.2%

CAR* Reports Home Ownership Tenure Hits Record High
Many homeowners are becoming equity rich because they’re staying in their homes longer, according to the Q3 2016 U.S. Home Equity and Underwater report from ATTOM Data Solutions, a fused property database. To be equity rich, homeowners must have a loan-to-value ratio of at least 50 percent.

In fact, 23.4 percent of all homeowners with a mortgage are now considered equity rich, an increase of 2.6 million from last year to 13 million in the third quarter, according to the report.

The metropolitan statistical area with the highest share of equity rich homeowners, out of 88 areas with a population of 500,000 or more, is San Jose with 55.7 percent. Honolulu came in second with 39.3 percent, followed by Los Angeles with 38.2 percent and Pittsburgh with 34.5 percent.

Hot or not? The housing market has people holding their breath.

* California Assn. of Realtors

 

About Linda

I am a local Hancock Park Real Estate agent who has been successfully selling Hancock Park properties throughout the past 20+ years. I actively follow the market here and check out new listings and sales daily. I live in Hancock Park and also very actively follow the many cultural and dining and sports opportunties available to us. So this Hancock Park Today Blog will be about both Hancock Park Real Estate and exciting things to do both locally and in greater Los Angeles.
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