Home equity goes up
U.S. homeowners with mortgages saw the equity in their homes increase by an average of 8.1 percent during the fourth quarter of 2018 compared with exactly one year earlier, according to data released Friday.
The average homeowner gained $9,700 in home equity between the end of 2017 and the end of last year, with equity growing in almost every state, Irvine-based CoreLogic reported.
The number of homeowners with negative equity decreased by 350,000, or 14 percent, during the previous four quarters.
CoreLogic is predicting a 4.5 percent increase in its home price index during the coming year, enough to return approximately 350,000 to positive equity if that prediction holds true.