RealtyTrac's Daren Blomquist reports that at the end of Q2 2016, more than 12.3 million U.S. properties were equity rich, which means their owners owed less than 50% of the property's value on outstanding mortgages.

According to the Q2 2016 Home Equity & Underwater Report, the highest share of equity rich properties among metropolitan areas with at least 500,000 people were San Jose, Calif., (53.7%), San Francisco (47%), Honolulu (38.2%), Los Angeles (37.4%), and San Diego (32.1%).

Counties with the highest share of equity rich properties were Blount County, Tenn., (72%); the California counties of San Francisco (60%), San Mateo, Calif., (59%), and Santa Clara (54%), along with Kings County (Brooklyn), and New York (51%).

Read more >