IE Business Daily Business news for the Inland Empire.
Home equity in the United States increased 27.8 percent year-over-year during the second quarter, according to data released Friday.
That figure applies exclusively to properties with mortgages, which is approximately 63 percent of all single-family homes nationwide, Irvine-based CoreLogic reported.
Collectively, those properties accumulated $3.6 trillion in equity during April, May and June, for an average of $60,200 per borrower.
Fifteen states recorded equity gains above the national average, led by Hawaii, California, and Florida.
“The total average equity per borrower has now reached almost $300,000, the highest in the data series,” the report states. “Home price growth and the refinance boom of the last two years have helped bring down the national average loan-to-value ratio to 42 percent, the lowest since 2010.”
Negative equity properties – borrowers who owe more on their mortgages than their homes are worth – dropped 18 percent between the second quarter of 2021 and the second quarter of this year.
