Seattle & Northwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Seattle & Northwest  + Pacific Northwest  + Apartments  | 
CoreLogic Report: Pacific Northwest Leads U.S. in Home Equity Losses

Report: Pacific Northwest Leads U.S. in Home Equity Loss

Idaho and Washington rank #1 and #2 in regions hit hardest by rising interest rates and slowing home sales, according to a new report from CoreLogic. The Homeowner Equity Report (HER) shows that while homeowners nationally saw an equity increase of 7.4% in 2022 compared to 2021, Idaho and Washington led the U.S. in home equity loss.

“The total number of underwater properties is now approaching levels seen at the end of 2021, which was the lowest since the Great Recession,” said CoreLogic Chief Economist Selma Hepp. “The new hot spots for equity declines are largely markets that have seen the most significant home price deceleration, like Boise, ID.”

Mortgage equity decreases in 2022 were led by Idaho, which saw an average $21,400 drop, followed by Washington ($18,900), California ($8,500), Washington D.C. ($8,300) and Utah ($4,600). 

It should be noted that despite recent turmoil, Hepp says U.S. homeowners still have about $270,000 in equity more than they had at the onset of the pandemic.


Inside The Story

Selma Hepp

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.