Home Equity Growth Nears $1 Trillion in The Past Year
Home equity continues to rise and homeowners are looking at average gains of $16,200, according to a recent Reverse Mortgage Daily report.
"CoreLogic’s Home Equity Insights for Q2 2018 shows an equity jump of 12.3% — about $980.9 billion — on all mortgaged residences since the same period last year," according to RMD.
"Equity grew in nearly every state, with California, Washington, and Nevada seeing the biggest gains."
CoreLogic's chief economist Frank Nothaft believes that these gains will be able to "support additional consumption spending and home improvement expenditures" for years to come.
Meanwhile, negative equity has fallen at a rate of 20.1% within the past year and much of the credit is being given to areas with "strong price appreciation," according to the report.
"The data shows only 4.3% of residences — about 2.2 million nationwide — currently have negative equity," according to RMD.
"The numbers were at their highest in 2009, when 26% of mortgaged residential properties were underwater."
To learn more about the increase in home equity over the past year, click one the image above.