712,000 Homes in the US Regained Equity in the Past 12 Months!

    712,000 Homes in the US Regained Equity in the Past 12 Months! 712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM CoreLogic’s latest Equity Report revealed that “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 equity during 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 increase by 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.)  712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM  Significant Equity Is on The Rise  Frank Nothaft, Chief Economist at CoreLogic, 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 home now.  The map below shows the percentage of homes by state with a mortgage and significant equity.  712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM  Bottom Line 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, let’s meet up to evaluate your situation.

    CoreLogic’s latest Equity Report revealed that “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 equity during 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 homeownershave seen their equity increase by 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.)

    712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM

    Significant Equity Is on The Rise

    Frank Nothaft, Chief Economist at CoreLogic, 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 home now.

    The map below shows the percentage of homes by state with a mortgage and significant equity.

    712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM

    Bottom Line

    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, let’s meet up to evaluate your situation.

    Keeping Current Matters with Rinehart Realty

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    Jordan Forney

    Jordan is a recent graduate of Lenoir-Rhyne University where he received his BA in Multimedia Communications while also playing football all four years that he was enrolled. Jordan has experience in writing and photography from his time working for the school newspaper, Lenoir-Rhyne News (LRN). He also has marketing experience with WLRZ 99.3 where Jordan produced and aired PSAs and was in charge of marketing with the social media accounts. He was a part of the marketing team for the Lenoir Oiler's baseball team as well where he had a lot of the same responsibilities. Now Jordan works at Rinehart Realty where he is increasing his experience by posting blogs, maintaining social media accounts, and working directly under the Director of Marketing.

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