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IRVINE, Calif. – A new report shows that homeowners across the nation who were underwater on their mortgages are regaining equity.
This month, ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, released its Q3 2017 U.S. Home Equity & Underwater Report.
The report shows that at the end of the third quarter of 2017 there were 4.6 million (4,628,408) U.S. properties that were seriously underwater where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value.
That’s down by more than 800,000 properties from the previous quarter and down by more than 1.4 million properties from Q3 2016 – the biggest year-over-year drop since Q2 2015.
The 4.6 million seriously underwater properties at the end of Q3 2017 represented 8.7 percent of all U.S. properties with a mortgage, down from 9.5 percent in the previous quarter and down from 10.8 percent in Q3 2016.
“Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago.”
There were more than 14 million (14,030,394) U.S. properties that were equity rich – where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property – down slightly from the previous quarter but still up by 905,000 compared to a year ago.
The 14 million equity rich U.S. properties represented 26.4 percent of all U.S. properties with a mortgage, up from 24.6 percent in the previous quarter and up from 23.4 percent in Q3 2016.
States with the highest share of equity rich properties were Hawaii (41.9 percent); California (41.4 percent); New York (35.7 percent); Oregon (34.0 percent) and Washington (33.6 percent).
Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (61.0 percent); San Francisco, California (56.4 percent); Los Angeles, California (45.3 percent); Honolulu, Hawaii (43.9 percent); and Oxnard-Thousand Oaks-Ventura, California (38.7 percent).
Other metros where at least 35 percent of properties were equity rich at the end of Q3 2017 were Seattle, Washington (38.7 percent); San Diego, California (38.3 percent); Portland, Oregon (36.7 percent); Austin, Texas (35.8 percent); and Stockton, California (35.2 percent).
States with the highest share of seriously underwater properties were Louisiana (19.2 percent); Iowa (14.2 percent); Pennsylvania (14.0 percent); Mississippi (13.8 percent); and Alabama (13.7 percent).
Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.5 percent); Scranton, Pennsylvania (19.5 percent); Youngstown, Ohio (18.2 percent); New Orleans, Louisiana (17.4 percent); and Dayton, Ohio (16.4 percent).
This month, ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, released its Q3 2017 U.S. Home Equity & Underwater Report.
The report shows that at the end of the third quarter of 2017 there were 4.6 million (4,628,408) U.S. properties that were seriously underwater where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value.
That’s down by more than 800,000 properties from the previous quarter and down by more than 1.4 million properties from Q3 2016 – the biggest year-over-year drop since Q2 2015.
The 4.6 million seriously underwater properties at the end of Q3 2017 represented 8.7 percent of all U.S. properties with a mortgage, down from 9.5 percent in the previous quarter and down from 10.8 percent in Q3 2016.
“Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago.”
There were more than 14 million (14,030,394) U.S. properties that were equity rich – where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property – down slightly from the previous quarter but still up by 905,000 compared to a year ago.
The 14 million equity rich U.S. properties represented 26.4 percent of all U.S. properties with a mortgage, up from 24.6 percent in the previous quarter and up from 23.4 percent in Q3 2016.
States with the highest share of equity rich properties were Hawaii (41.9 percent); California (41.4 percent); New York (35.7 percent); Oregon (34.0 percent) and Washington (33.6 percent).
Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (61.0 percent); San Francisco, California (56.4 percent); Los Angeles, California (45.3 percent); Honolulu, Hawaii (43.9 percent); and Oxnard-Thousand Oaks-Ventura, California (38.7 percent).
Other metros where at least 35 percent of properties were equity rich at the end of Q3 2017 were Seattle, Washington (38.7 percent); San Diego, California (38.3 percent); Portland, Oregon (36.7 percent); Austin, Texas (35.8 percent); and Stockton, California (35.2 percent).
States with the highest share of seriously underwater properties were Louisiana (19.2 percent); Iowa (14.2 percent); Pennsylvania (14.0 percent); Mississippi (13.8 percent); and Alabama (13.7 percent).
Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.5 percent); Scranton, Pennsylvania (19.5 percent); Youngstown, Ohio (18.2 percent); New Orleans, Louisiana (17.4 percent); and Dayton, Ohio (16.4 percent).
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SACRAMENTO – Attorney General Xavier Becerra and Alameda County District Attorney Nancy E. O’Malley on Wednesday announced a settlement with DIRECTV to resolve allegations that its California facilities unlawfully disposed of large volumes of hazardous waste – including hazardous batteries, electronic devices, and aerosols – and committed additional violations stemming from the mismanagement of such items.
These acts constitute violations of California’s Hazardous Waste Control Law, and of California’s Unfair Competition Law, as such conduct gives DIRECTV a competitive advantage over other regulated entities that are complying with the law.
On Nov. 21, by stipulation of the parties, the Alameda County Superior Court entered a final judgment incorporating the terms of the settlement.
“Unlawfully disposing of hazardous waste can lead to serious health and environmental risks. That is why DA O'Malley and I are holding DIRECTV accountable today,” Attorney General Becerra said. “The California Department of Justice will continue working to protect the health and well-being of our communities. We will prosecute those who violate our environmental laws.”
“My Office is dedicated to enforcing laws that protect the environment and ensure fair business practices. Any company doing business in Alameda County and in California must abide by these laws. The illegal disposal of hazardous waste pollutes our soil and our water and can be harmful to the health of humans as well as the environment,” said District Attorney O’Malley. “I thank the Attorney General for his leadership on these important issues and I am confident that we will continue to make strides in holding businesses accountable and keeping our environment free from toxic pollution.”
As part of the settlement, DIRECTV will be required to pay more than $8.9 million for civil penalties, costs, and projects furthering environmental protection; will be bound by a permanent injunction prohibiting similar future violations of law; and will have to spend more than $580 thousand over the next five years to enhance environmental compliance at its California facilities.
Additionally, DIRECTV will be required to hire an independent auditor to perform three audits of DIRECTV’s compliance with the injunctive terms of the judgment.
The settlement and final judgment follow an extensive investigation by the two offices. The investigation included a series of inspections of dumpsters belonging to DIRECTV facilities.
The inspections revealed that DIRECTV was routinely and systematically sending hazardous wastes to local landfills that were not permitted to receive those wastes.
During the relevant period of the investigation, DIRECTV operated 25 facilities in California, and all 25 facilities were unlawfully disposing of hazardous waste.
In November 2014, the Attorney General and Alameda DA resolved a similar action against AT&T through a stipulated final judgment.
Because DIRECTV was acquired by an AT&T affiliate in July 2015, the parties to this settlement have stipulated to amend the prior AT&T judgment to include terms applicable to DIRECTV.
Copies of the complaint and stipulation for entry of amended final judgment are available at www.oag.ca.gov/news.
These acts constitute violations of California’s Hazardous Waste Control Law, and of California’s Unfair Competition Law, as such conduct gives DIRECTV a competitive advantage over other regulated entities that are complying with the law.
On Nov. 21, by stipulation of the parties, the Alameda County Superior Court entered a final judgment incorporating the terms of the settlement.
“Unlawfully disposing of hazardous waste can lead to serious health and environmental risks. That is why DA O'Malley and I are holding DIRECTV accountable today,” Attorney General Becerra said. “The California Department of Justice will continue working to protect the health and well-being of our communities. We will prosecute those who violate our environmental laws.”
“My Office is dedicated to enforcing laws that protect the environment and ensure fair business practices. Any company doing business in Alameda County and in California must abide by these laws. The illegal disposal of hazardous waste pollutes our soil and our water and can be harmful to the health of humans as well as the environment,” said District Attorney O’Malley. “I thank the Attorney General for his leadership on these important issues and I am confident that we will continue to make strides in holding businesses accountable and keeping our environment free from toxic pollution.”
As part of the settlement, DIRECTV will be required to pay more than $8.9 million for civil penalties, costs, and projects furthering environmental protection; will be bound by a permanent injunction prohibiting similar future violations of law; and will have to spend more than $580 thousand over the next five years to enhance environmental compliance at its California facilities.
Additionally, DIRECTV will be required to hire an independent auditor to perform three audits of DIRECTV’s compliance with the injunctive terms of the judgment.
The settlement and final judgment follow an extensive investigation by the two offices. The investigation included a series of inspections of dumpsters belonging to DIRECTV facilities.
The inspections revealed that DIRECTV was routinely and systematically sending hazardous wastes to local landfills that were not permitted to receive those wastes.
During the relevant period of the investigation, DIRECTV operated 25 facilities in California, and all 25 facilities were unlawfully disposing of hazardous waste.
In November 2014, the Attorney General and Alameda DA resolved a similar action against AT&T through a stipulated final judgment.
Because DIRECTV was acquired by an AT&T affiliate in July 2015, the parties to this settlement have stipulated to amend the prior AT&T judgment to include terms applicable to DIRECTV.
Copies of the complaint and stipulation for entry of amended final judgment are available at www.oag.ca.gov/news.
- Details
- Written by: Editor
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