712,000 Homes In The US Regained Equity In The Past 12 Months!
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 map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.) As you can see, many states now have 95% or more of their homes with positive equity, with Arizona having 92.8%.
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.) As you can see, many states now have 95% or more of their homes with positive equity, with Arizona having 92.8%.
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. As you can see, there are 28 states where at least 80.0% of homes have more than 20% equity. In Arizona, 75% of homes have significant equity, while the average in the United States is 82.9%.
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. As you can see, there are 28 states where at least 80.0% of homes have more than 20% equity. In Arizona, 75% of homes have significant equity, while the average in the United States is 82.9%.
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, I would be happy to meet with you to help evaluate your situation.
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, I would be happy to meet with you to help evaluate your situation.
If you are debating whether or not now is the time to list your home for sale, know that if things continue the way they have been, you will continue to gain equity in your new home! Meet with me today, and I can explain to you exactly what’s going on in your local area!
If you have any questions about how to list your home and buy a new home simultaneously, just call/text me at 602-295-6807 and I can help answer all of your questions!
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: (602)295-6807
[email protected]
Linkedin Profile
Facebook Page
If you have any questions about how to list your home and buy a new home simultaneously, just call/text me at 602-295-6807 and I can help answer all of your questions!
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: (602)295-6807
[email protected]
Linkedin Profile
Facebook Page
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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