Homeowners in Southern California will be rejoicing as their equity has risen to $210,000 for the average homeowner. It could be safe to say that the housing recovery has fully kicked in and homeowners will be reaping the rewards.
"The gain was even bigger in Orange and Los Angeles counties. The typical Orange County homeowner saw his or her equity soar $238,000 from the spring of 2012, while in Los Angeles County, equity gains averaged $241,000," according to National Mortgage News.
"Combined homeowner gains for the region totaled $591 billion, CoreLogic figures show."
Yesterday we reported that home prices have been increasing in disaster-prone areas and included California as they suffer from earthquakes at times. The increase in home prices, homeowner wealth and the declining mortgage debt are all huge factors driving this spike in equity.
For an in-depth look at the increase in homeowner equity nationwide, click on the image above.