IE Business Daily Business news for the Inland Empire.
Homes with mortgages saw their equity increase by 12.3 percent nationwide during the second quarter, according to data released Thursday.
That represented a gain of nearly $981 billion compared with the second quarter of 2017, Irvine-based CoreLogic reported.
The average homeowner gained $16,200 in home equity during that time.
About 63 percent of all single-family homes and condominiums had a mortgage attached to them during April, May and June of this year.
Negative equity fell by 20.1 percent in the second quarter. Often called “underwater,” negative equity means more is owed on the property than the property is worth.
In the Inland Empire, only four percent of all houses with a mortgage were in negative equity during the second quarter, CoreLogic reported.
“Negative equity levels continue to drop across the United States, with the biggest declines in areas with strong price appreciation,” said Frank Martell, CoreLogic’s president and chief executive officer, in a statement. “Further, the relatively low level of shadow inventory contributes to the chronic shortage of housing supply and price increases in many markets.”
