Posted To: MND NewsWire

Homeowners’ housing wealth grew by record numbers in the fourth quarter of last year . CoreLogic, in its Home Equity Report for the period, says the average equity in a U.S. home increased 16.2 percent since the fourth quarter of 2019, the greatest increase in seven years. Homeowners gained an average of $26,300 in equity and the aggregate increase across the 62 percent of U.S. homes with mortgages was $1.5 trillion. CoreLogic’s chief economist Frank Nothaft said, “Compared with a year earlier, home prices in December 2020 were up sharply – 9.2% , according to the CoreLogic Home Price Index – boosting the amount of home equity for the average homeowner with a mortgage to more than $200,000. This equity growth has enabled many families to finance home remodeling, such as adding an office or…(read more)

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Source: Mortgage News Daily