Homeowners are 31% richer in the third quarter, according to the CoreLogic Equity Insights report…(CoreLogic)
- Home Equity jumped 31.1% in the third quarter of 2021, a $3.2 trillion increase.
- The average homeowner now has $56,700 more equity in their home.
Not surprisingly, as equity increases those total number of households underwater tends to shrink…
- Q-O-Q: Negative equity decreased by 5.7% from the second quarter to 1.2 million homes, or 2.1% of all mortgaged properties.
- Y-O-Y: Negative equity fell by 28.9% from 1.6 million homes(3% of all mortgage properties) in the third quarter of 2020.
Frank Martell, President and CEO of CoreLogic, says this is a win for everyone…
- “Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth. This financial reserve will be especially helpful for homeowners looking to fund renovation projects.“
