Last week, CEO of the National Association of Home Builders Jerry Howard stated that there are 7 million homes currently on the market priced over $500,000, and that the GOP-proposed tax deduction cap would devalue the homes.
According to ATTOM Data Solutions, 325,000 loans, or 5.4 percent, of all mortgage loans originated this year were more than $500,000. CNN says Washington D.C. had the highest percentage, 35.1 percent, of loans above the $500,000 threshold, while California had 11.5 percent.
The top four counties in the U.S. with the highest number of loans over $500,000 are in California. Home prices have skyrocketed in The Golden State, specifically in the San Francisco Bay Area, Los Angeles and San Diego.
In Los Angeles, prices have increased roughly 7 percent in the last year to $633,400. Almost 30,000 buyers have originated a mortgage for more than $500,000 so far this year -- the most in the country, according to ATTOM.
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