The Capital Region had the lowest percentage of equity-rich properties in the U.S. in the first quarter of 2024, according to a report released Thursday.
The Q1 U.S. Home Equity & Underwater Report was curated by ATTOM, a provider of national property data. The report shows that 45.8% of mortgaged residential properties in the U.S. were considered equity rich in the first quarter, down from 46.1% in the fourth quarter of 2023.
To be considered equity rich, the combined estimated amount of loan balances secured by a property must be no more than half of its estimated market value.
Some 12.7% of mortgaged homes in the Baton Rouge metro were equity rich in the first quarter—the lowest in the nation. Little Rock, Arkansas, had the second-lowest percentage of equity-rich properties at 24%, followed by Oklahoma City at 27.6%.
San Jose, California, had the highest percentage of equity-rich properties in the first quarter at 69.3%, followed by Los Angeles at 64.3% and San Diego at 64.2%.
The report also shows that the portion of mortgaged homes that were seriously underwater in the U.S. rose slightly in the first quarter, from 2.6% of all residential mortgages to 2.7%.
“It’s too early to make any broad statements about the market direction, especially coming off the typically slower fall and winter months,” says ATTOM CEO Rob Barber. “But amid the recent trends, this year’s spring buying season will be of heightened importance in telling us if there is a new long-term market pattern developing.”
