By Jann Swanson | Mortgage News Daily
The rich get richer? When it comes to equity that appears to be the case according to information released by RealtyTrac on Thursday. The company’s U.S. Home Equity & Underwater Report shows an increase in the number of “equity-rich” properties, those with at least 50 percent equity rose by over a million between the second quarters of 2014 and 2015.
At the end of the most recent period there were an estimated 10.9 million properties considered equity rich, approximately 19.6 percent of all properties with a mortgages, compared to 9.9 million or 18.9 percent at the end of Q2 2014. The latest number is lower than both of the previous quarters; there were 11.1 million such properties 19.8 percent) at the end of the first quarter and 11.3 million or 20.3 percent in Q4 2014.
