|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
Looking for Real Estate in Hancock Park?If you are Selling or Buying a Home Call Linda Hindley; (323) 610-6070
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