ATTOM Data Solutions on Thursday reported that 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50% or less of the property's estimated market value — up by more than 834,000 from a year ago to a new high as far back as data is available, Q4 2013.

The 14.5 million equity rich properties in Q4 2018 represented 25.6% of all properties with a mortgage, down slightly from 25.7% in the previous quarter but up from 25.4% in Q4 2017.

The report also shows more than 5 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25% higher than the property's estimated market value, representing 8.8% of all U.S. properties with a mortgage. That 8.8% share of seriously underwater homes remained unchanged from the previous quarter and down from 9.3% in Q4 2017.

"With homeowners staying put longer, homeownership equity will most likely continue to strengthen. Those that are seriously underwater may find themselves coming up for air as they continue to pay off excessive legacy mortgages or sell," said Todd Teta, chief product officer with ATTOM Data Solutions. "This report helps to showcase a story of the West coast markets having the highest share of equity rich homeowners versus the South and Midwest markets, who continue to have stubbornly high rates of seriously underwater homeowners."

Highest seriously underwater share in Louisiana, Mississippi, Arkansas, Illinois, Iowa
States with the highest share of mortgages that were seriously underwater included; Louisiana (20.8%); Mississippi (16.9%); Arkansas (15.9%); Illinois (15.6%); and Iowa (15.2%).
Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of mortgages that were seriously underwater included; Baton Rouge, Louisiana (20.7%); Youngstown, Ohio (19.0%); New Orleans, Louisiana (19.0%); Toledo, Ohio (18.0%); and Scranton, Pennsylvania (17.7%).

27 zip codes where more than half of all properties are seriously underwater
Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 27 zip codes where more than half of all properties with a mortgage were seriously underwater, including zip codes in the Chicago, Cleveland, Saint Louis, Atlantic City, Detroit and Virginia Beach metropolitan statistical areas.
The top five zip codes with the highest share of seriously underwater properties were 08611 in Trenton, New Jersey (70.3% seriously underwater); 63137 in Saint Louis, Missouri (64.8%); 60426 in Harvey, Illinois (62.3%); 38106 in Memphis, Tennessee (60.5%); and 61104 in Rockford, Illinois (59.6%).

Highest equity rich share in California, Hawaii, New York, Washington, Oregon
States with the highest share of equity rich properties were California (43.6%); Hawaii (39.3%); New York(34.2%); Washington (34.2%); and Oregon (32.9%).

Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (72.0%); San Francisco, California (60.7%); Los Angeles, California (48.5%); Honolulu, Hawaii (40.2%); and Oxnard, California (39.2%).

7 Out of the top 10 equity rich counties resided in California
Among the 1,479 counties with at least 2,500 properties with mortgages, those top 10 counties with the highest% of equity rich properties resided mainly in California counties.
The top five counties with the highest share of equity rich properties were San Mateo, California (75.9%); Santa Clara, California (73.0%); San Francisco, California (71.4%); Pasquotank, North Carolina (65.7%); and Alameda, California (62.7%).

427 zip codes where more than half of all properties are equity rich
Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 427 zip codes where more than half of all properties with a mortgage were equity rich.

The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94116 in San Francisco (85.0%); 94087 in Sunnyvale (84.6% equity rich); 94040 in Mountain View (83.5% equity rich); 94043 in Mountain View (83.0% equity rich); and 95051 in Santa Clara (82.7% equity rich).
Q4 2018 Equity Rich Properties Heat Map by ZIP