States with the highest share of equity-rich properties

Plus: Compass agrees to share its exclusive listings, with caveats

July 14, 2025

👋 Thanks for kicking off your week with us. Today’s newsletter is a 2.5-minute read.

Disclaimer: Average mortgage rates as of July 11, 2025. © MND Daily Rate Index.

1. Compass agrees to share its exclusive listings, with caveats

Compass is opening its exclusive real estate listings to rival brokerages and MLSs but with strict conditions: listings must stay unaltered, the original agent must remain prominently displayed, and no monetization of the data is allowed (no selling leads or info).

This marks a shift for Compass, previously known for private listing networks. The move comes amid legal tensions—Compass refuses to follow NAR’s Clear Cooperation Policy and recently sued Zillow for alleged antitrust violations tied to MLS listing rules.

“There are narratives circulating that make false accusations,” a Compass spokesperson told Inman. “By showing that we will make our exclusive inventory available to anyone who agrees not to alter or monetize the listing and keep the listing agent front and center, we reinforce what we have said all along: At Compass, we co-broke with everyone.”

2. Westcor joins Fannie Mae title waiver pilot

Westcor has joined Fannie Mae’s title insurance waiver pilot, becoming the second title firm (after Doma) to participate. The pilot allows certain low-risk refinance loans to skip traditional title insurance in favor of automated title risk assessments, aiming to cut closing costs by $1,000–$3,000 per transaction.

Westcor is partnering with X1 Analytics and Mortgage Connect LP for the program, positioning the move as both innovative and protective of property rights. Industry reactions are mixed—some applaud the cost savings, while groups like ALTA warn about the need to maintain strong consumer protections.

“We’re proud to support the GSE’s modernization goals while continuing to uphold the core value of title insurance — protecting property rights,” Westcor CCEO Mary O’Donnell said in a statement. “This pilot proves that innovation and consumer protection can go hand in hand.

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3. More Nuggets

💰 ‘Dating the rate’ misled borrowers. Now they’re financially strained. (HousingWire)

🏘️ Move over Florida: Wyoming is the new retirement hotspot. (NMP)

💼 Fannie Mae chairman ‘encouraged’ by chatter Powell may consider quitting. (FHFA)

4. States with the highest share of equity-rich properties

46.2% of mortgaged residential properties were considered “equity-rich” in Q1 2025, down from 47.7% in Q4 2024, but still historically high, according to ATTOM. A mortgage is deemed equity-rich when the loan balance is no more than 50% of the property's estimated market value.

Six of the top 10 states with the highest share of equity-rich homes were in the Northeast, while the remaining four were in the West. Here is the top 10:

  • Vermont: 85.5%

  • New Hampshire: 60.5%

  • Rhode Island: 59.8%

  • Montana: 59.4%

  • Maine: 58.9%

  • Hawaii: 58.4%

  • California: 57.4%

  • Massachusetts: 55.9%

  • Idaho: 55.5%

  • New York: 54.1%

☀️ You’re all caught up. See you on Wednesday!

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