CoreLogic’slatestEquity Reportrevealedthat“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 equityduring 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 increaseby 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 EconomistatCoreLogic, 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 homenow.
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, meet with a local real estate professional who can help evaluate your situation.
Author:Michael Le Phone: 303-356-8282 Dated: January 8th 2018 Views: 88 About Michael: Michael has been a Real Estate Broker in the Denver area for 17 years. With over hundreds of closed...
View our latest blog posts in your RSS reader. Click here to access.
About Distinct Group - Keller Williams Real Estate
Distinct Group of Keller Williams is comprised of a team of local real estate professionals committed to selling some of the most desired homes throughout the Colorado front range. Selling these "right addresses" is the mission of Distinct Group of Keller Williams Real Estate, LLC. Let us know what you're looking for. Please take advantage of the helpful tools on this website, including property valuation option, but also feel free to contact us personally.
According to data released by the Internal Revenue Service (
"Michael went above and beyond in both buying our new house and selling our old one. He was always available and produced real results when we had issues with our builder. He was also able to get us $5,000 above asking price on our house we sold! Would highly recommend to anyone looking to buy or sell!