Market Update for June 2023 - Rio Grande Valley, Harlingen/Brownsville & San Antonio

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Nearly Half of US Homeowners Considered ‘Equity Rich’

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Nearly Half of US Homeowners Considered ‘Equity Rich’ As home prices continue to increase, homeowners are getting richer and richer. About 45% of mortgaged residential properties in the U.S. were considered “equity rich” in the first quarter, up from about 32% a year earlier, according to a new report from ATTOM Data Solutions. Equity rich means that the combined estimated amount of the loan balance on the home was no more than 50% of the home’s estimated market value. “Homeowners continue to benefit from rising home prices,” says Rick Sharga, executive vice president of market intelligence for ATTOM. “Record levels of home equity provide financial security for millions of families and minimize the chance of another housing market crash like the one we saw in 2008. But these higher home prices and rising interest rates make it extremely challenging for first-time buyers to enter the market.” Equity growth likely will continue for the remainder of the year, but home price increases are ...
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Steps to Selling Your Home Realtors Want You to Know

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House Inspection Checklist: What To Look For

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