National 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

Topics

MarcusMillichap-52-banner
National  | 

Seriously Underwater U.S. Properties on Rise

The latest research by ATTOM Data Solutions shows at the end of the first quarter of 2019, more than 5.2 million U.S. properties were seriously underwater, up by more than 17,000 properties from a year ago. That means the combined balance of loans secured by the property was at least 25% higher than the property’s estimated market value.

The number of seriously underwater properties at the end of Q1 2019 represents 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, according to ATTOM’s Q1 2019 U.S. Home Equity & Underwater Report.

ATTOM’s Todd Teta says, “With home prices increasing at a slower pace in 2018 than in previous years, the potential for people to climb out from mortgages that are underwater or advance into equity-rich territory, tends to be reduced. However, only one in 11 mortgages are seriously underwater today, compared to nearly one in three during the depths of the recession.”

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%).

States with the highest share of equity-rich properties were California (43%); Hawaii (38.1%); New York (34.2%); Washington (33.2%); and Vermont (32.8%).


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With ATTOM Data’s Teta

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

TaylorStreet-03-Cube
Money360-26-cube
Chase-19-cube
TheGuarantors-01-cube