Seriously Underwater Properties Rise to 9.1% in Q1
More than 5.2 million (5,223,524) U.S. properties were seriously underwater at the end of 2019's first quarter, up by more than 17,000 properties from a year ago, according to ATTOM Data Solutions Q1 2019 U.S. Home Equity & Underwater Report. That represented 9.1% of all U.S. properties with a mortgage, up from 8.8% in the previous quarter but down from 9.5% in Q1 2018.
States with the highest share of seriously underwater properties were Louisiana (20.7%); Mississippi (17.1%); Arkansas (16.3%); West Virginia (16.2%); and Illinois (16.2%). Among 99 metropolitan statistical areas analyzed in the report, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (21.3%); Scranton, Pennsylvania (20.0%); Youngstown, Ohio (19.2%); Toledo, Ohio (19.2%); and New Orleans, Louisiana (17.8%).
States with the highest share of equity rich properties were California (43.0%); Hawaii (38.1%); New York (34.2%); Washington (33.2%); and Vermont (32.8%). Among 99 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (68.3%); San Francisco, California (58.4%); Los Angeles, California (48.1%); Santa Rosa, California (47.6%); and San Diego, California (39.3%).