9.8 percent of Arizona homes in negative equity
REALTORMag
One million U.S. borrowers regained equity in 2016, according to CoreLogic’s newly released housing report. Further, about 63 percent of all homeowners saw their equity increase last year.
Now, 93.8 percent of all mortgaged properties—or about 48 million homes—are in positive equity territory, according to the report.
“Average home equity rose by $13,700 for U.S. homeowners during 2016,” says Frank Nothaft, chief economist for CoreLogic. “The equity build-up has been supported by home price growth and paydown of principal. … Further, about one-fourth of all outstanding mortgages have a term of 20 years or less, which amortize more quickly than 30-year loans and contribute to faster equity accumulation.”
