How Much Have Homeowners Gained in Equity in the Past Year?
Posted by West + Main Homes on
Homeowners gained an average of $15,000 in home equity last year, totaling $908 billion, according to CNBC.
A sharp rise in home values last year gave homeowners a strong infusion of cash, in the form of home equity. It also helped more than half a million borrowers rise above water on their mortgages.
All real estate is, of course, local, and some homeowners saw significantly bigger gains than others, especially those in the Western region of the nation. Overall, however, they gained the most equity of any year since 2013.
Homeowners with a mortgage, representing about 63 percent of all properties, saw their equity increase 12 percent over the course of last year, according to CoreLogic. That comes to an average of $15,000 per homeowner and…
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