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Homeowners in Maine have amassed wealth faster than in all but one state due to the continued rise in home prices, a new report reveals.
The percentage of mortgaged homes considered equity-rich, where the homeowner owns 50% or more of the home, rose to 56.3% in the second quarter of this year, down from the first three months. Up from 48.5%. report Real estate data tracking company ATTOM Data Solutions made the announcement on Thursday.
The numbers reflect an upward trend in Maine’s real estate market. June Median $360,825According to the Maine Realtors Association, sales were up more than 16% year-over-year, despite a decline in homes for sale.
The trend is most pronounced in Cumberland County, where Greater Portland leads the Northeast with 62.6% of equity-rich homes, up from 52.1% in the first quarter. Aroostook had the lowest among Maine counties with her 34%, still up from 25.4% in the previous period.
Maine surpassed the national average of 48% from 45% in the second quarter. The state’s profits between the first and second quarters of the year were higher than any other state except Wyoming.
“Although home price gains appear to be slowing due to rising mortgage rates, homeowners are likely to continue amassing record amounts of wealth for the rest of 2022. ‘ said Atom.
ATTOM derives its data from public mortgage and deed trust data for over 155 million properties nationwide.
Shharga said the share of stock-rich homes is at a record high, the loan balance is higher than the fair market value of the property, and the share of severely submerged homes is the lowest. That’s a lot less than the 30% of Americans who had more debt than their home was worth during the bubble.
Maine saw its percentage of seriously submerged mortgages fall to 2.2% of its 264,651 outstanding mortgages in the second quarter, compared to 3.1% in the first three months of the year. In Greater Portland, this percentage dropped from 1.7% to 1.1%.
Even homeowners facing foreclosure have home equity that could help solve their financial problems, Sharga said. We faced foreclosures in the second quarter, 91% of which had some property in their homes.
“These homeowners have the opportunity to leverage this equity to secure short-term financing to settle their arrears or sell their properties at a profit and avoid a foreclosure auction.” He said.