REALTORMag
More homeowners are gaining equity and climbing out of negative territory, according to a new report released by CoreLogic. Now, 93.7 percent of all mortgaged properties—or 47.9 million homes—have more money invested in them than their estimated market value. Home equity has grown 10.8 percent in the third quarter compared to a year ago.
“Home equity rose by $12,500 for the average homeowner over the last four quarters,” says Frank Nothaft, chief economist for CoreLogic. “There was wide geographic variation with homeowners in California, Oregon, and Washington gaining an average of at least $25,000 in home equity wealth, while owners in Alaska, North Dakota, and Connecticut had small declines, on average.”
