Florida showed the second biggest increase, up from 46.6% to 53.6%, followed by California, up from 53.7% to 60.5%.
On the flip side, states w. the equity-rich share of mortgaged homes decreased the most between last year’s fourth quarter and Q1 this year were South Dakota, down from 36% to 32.3%, Mississippi, down from 26.3% to 23.5%, and Louisiana, down from 22.5% to 21.6%.
Meanwhile, 12 of the 15 states with the biggest increases in the percentage of mortgaged homes considered seriously underwater from the fourth quarter of 2021 to the first quarter of 2022 were spread across the South and Midwest.
Again, Mississippi featured in the list, this time leading with the share of mortgaged homes seriously underwater up from 12.2% to 17%. This was followed by Missouri and Louisiana.
These latest equity trends come as the decade-long housing market boom appears to continue from late last year into early 2022, although at a slower pace, ATTOM noted.