Posted To: MND NewsWire
It is hardly a surprise given the rapid increase in home prices, but homeowners gained another $1.9 trillion in equity in the first quarter of this year. CoreLogic’s Homeowner Equity Report says homeowners with mortgages, (about 62 percent of all properties) saw an increase of 19.6 percent compared to the first quarter of 2020. This is an average annual gain of $33,400 per household. At the same time, the number of homeowners who were underwater, owning more on their mortgages than the value of their home, decreased by 24 percent over the 12 months ending in March, 7 percent in the first quarter alone. This meant that 450,000 properties emerged from negative equity during the year, leaving 1.4 million homes, 2.6 percent of those with a mortgage, underwater. The issue of negative equity has…(read more)
Source: Mortgage News Daily
