Breaking News
Seven Inland Empire multifamily properties change hands

Home equity goes up

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.

 

Check Also

Nationwide housing prices take record jump

Home price growth slows

U.S. home prices grew 10.1 percent year-over-year in October, the lowest increase in nearly two …

Leave a Reply

Your email address will not be published. Required fields are marked *