Homeowners Attain Median of $13K in Home equity

In the second quarter of this year, homeowners saw their equity increase on average 10.6%-or $12, 987-year over year, as reported by CoreLogic’s Q2 2017 Homeowner Equity Report. Western states are posting a number of the highest upticks in equity. Washington homeowners, as an example, saw on average $40,000 in home equity gains within that period; California homeowners saw increases of around $30,000.

Homeowners Attain Median of $13K in Home equity

“Over the last 12 months, approximately 750,000 borrowers achieved positive equity,” says CoreLogic chief economist Frank Nothaft. “This means that mortgage risk continues to decline, and given the continued strength in home prices, CoreLogic expects home equity to rise steadily over the next year.”

In the second quarter, 2.8 million homes-or about 5.4% of all of the residential properties-were in negative equity, meaning the owners owe more on their mortgage than the house is worth. The quantity of properties with negative equity has dropped 21.9% year over year, as reported by CoreLogic’s report.

 

Ready to find the value of your home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or call to 813-300-7116