712,000 Homes in the US Regained Equity in the Past 12 Months!

By
Managing Real Estate Broker with Better Homes and Gardens Real Estate Star Homes

712,000 Homes in the US Regained Equity in the Past 12 Months!

CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.

The report also revealed:

  • The average homeowner gained approximately $14,900 in equity during the past year.
  • Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.
  • U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.



The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.)



Significant Equity Is on The Rise

Frank Nothaft, Chief Economist at CoreLogic, believes this is great news for the “housing market.” He went on to say:

“Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. This increase is primarily a reflection of rising home prices, which drives up home values, leading to an increase in home equity positions and supporting consumer spending.”

Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.

The map below shows the percentage of homes by state with a mortgage and significant equity.



If you are one of the many homeowners who are unsure of how much equity you have in your home and are curious about your ability to move, let’s meet up to evaluate your situation.

Better Homes and Gardens Real Estate Star Homes

1 Office with 2 Locations:

783 N Barron Blvd, Grayslake IL 60030

Phone: 847-548-2625

4817 W Elm St, McHenry IL 60050

Phone: 815-322-1371

info@StarHomeTeam.com

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712,000 Homes in the US Regained Equity in the Past 12 Months!

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Rainmaker
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Susan Jacobsen
The Alliance Group Realty - Hilton Head Island, SC
20 Years Providing WOW Real Estate Service

Jim - we've been CLAWING and CLAWING our way back up and this is indeed such good news! In the bad old days all CoreLogic was reporting on were the thousands of foreclosures and homeowners under water - is great to see these kinds of statics instead!!!

Jan 08, 2018 01:22 PM #1
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Rainmaker
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Jim Starwalt

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