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34.4% of residential properties in the U.S. with a mortgage were considered “equity rich” in the second quarter of this year, according to the new report from ATTOM Data Solutions.  Every state saw equity-rich levels rise. Western and northeastern states saw the most significant improvement, led by Arizona, up from 16.3% in the first quarter of 2021 to 39.7% in the second quarter, according to the ATTOM Data Solutions’ report. Overall, the states with the highest level of equity-rich homes were Idaho with 54.2% and California with 53.8%.

On a metro level, the areas with the highest share of mortgaged properties that were equity rich in the second quarter were:

  • San Jose, CA: 69.4%
  • San Francisco, CA: 64.9%
  • Los Angeles, CA: 57.9%
  • Boise, ID: 57.4%
  • San Diego, CA: 54.3%

In the Sacramento region, 34% of homeowners have hit the “equity rich” mark, up from 27.5% the year before. Sacramento, Placer, El Dorado, and Yolo counties have the 13th highest percentage of “equity rich” owners among the 108 largest metro areas in the country.

In Sacramento, home values jumped about 20% in their region in the last year. But, value increases have slowed in the previous month, an indication that Sacramento has hit its typical summer calming period. This cooling could also possibly hint that the booming price increases of the last year may be over.

With so much equity, do you know how you could take advantage of it to improve your situation? Schedule a quick consultation with me to discuss your options and how you could tap into your home’s equity.

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