US Underwater Mortgages Hit Five-Year Low After Equity Boost

US homeowners enjoyed an equity boost last quarter that saw the number of mortgages classified as “seriously underwater” drop to the lowest in at least five years, according to real estate data firm ATTOM.

The high housing prices that have led to talk of an “affordability crisis” are strengthening the equity buffer for owners. They held equity worth at least 50% of the property’s value in almost half of mortgaged homes last quarter — a high level by historical standards — according to ATTOM’s analysis of mortgage and deed of trust data on more than 150 million houses. ...