In Q1, 43.3% of mortgaged residential properties were equity rich, the lowest since Q4 2021, down from 44.6% the previous quarter. Equity rich means loan balances are no more than half the property's market value. Meanwhile, 3.2% were seriously underwater, up from 3%. States with the highest equity rich shares included Vermont and New Hampshire. The largest increases in seriously underwater shares occurred in the District of Columbia, Mississippi, Louisiana, Kentucky, and Oklahoma.