Maine
Maine’s largest city leads Northeast in home equity
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Mainers are build up fairness of their houses, with the state’s largest metropolis main the Northeast by the share of equity-rich properties and the state seeing fewer houses which are severely underwater, a brand new survey discovered.
Some 52.1 % of houses in metropolitan Portland had been equity-rich within the first quarter of this 12 months, based on ATTOM, an actual property knowledge firm. Meaning the mixed mortgage balances secured by the properties had been lower than half of their estimated market worth.
“Report ranges of residence fairness present monetary safety for hundreds of thousands of households and decrease the prospect of one other housing market crash just like the one we noticed in 2008,” Rick Sharga, govt vice chairman for ATTOM, mentioned.
San Jose, California, topped the listing at 74.4 % of its properties being equity-rich. 45 states noticed their equity-rich ranges rise from the fourth quarter of 2021 to this 12 months’s fourth quarter. The share of severely underwater houses elevated in 28 states, however most of these rises had been under 1 %.
Maine noticed a lower within the share of houses that had been underwater. The share dropped from 4.4 to three.1 % of houses between the final three months of 2021 and the primary three months of this 12 months.
That’s a giant turnaround from the peak of the housing disaster in 2008, when about 30 % of individuals owed greater than their residence was value, based on Zillow, an internet actual property firm.
ATTOM mentioned fairness will possible proceed to rise by the remainder of 2022, though residence value will increase ought to average.
“Owners proceed to learn from rising residence costs,” Sharga mentioned.