‘Underwater’ homes are drying up

RealtorMag

As more homeowners see their property values rise, the number of homes that are seriously underwater continues to decrease. At the end of the third quarter, there were 4.6 million U.S. properties considered seriously underwater, which is down by more than 1.4 million properties from a year ago, according to ATTOM Data Solutions’ Q3 2017 U.S. Home Equity & Underwater Report. That marks the biggest year-over-year drop since the second quarter of 2015.

ATTOM Data Solutions defines “seriously underwater” as properties where the combined loan amount is at least 25 percent higher than the property’s estimated market value.

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