US Housing Market Faces Challenges as Homeowner Equity Drops and Listings Plummet.
Homeowner equity declined slightly for the second consecutive quarter due to a fall in home price growth across the US, according to ATTOM's 2023 US Home Equity & Underwater Report. However, 47.2% of mortgaged residential properties nationwide were still considered equity rich, while just 3% of homes were seriously underwater. The decline in home equity follows a drop in home sellers' profit, which hit a two-year low in Q1 2023. Despite the Federal Reserve's interest rate hikes, mortgage rates have ticked down for the second straight week to 6.39%.