The gain of wealth from owning a home in the U.S. appears to have no end in sight. Homeowners’ equity in their properties increased again during the second quarter of 2019 according to a new report. CoreLogic’s quarterly Homeowner Equity Insights Report shows an aggregate increase in equity levels of $428 billion on a year-over-year basis. This equates to a 4.8 percent gain.
The report studies the balances of mortgaged homes in the U.S. compared to their estimated values. CoreLogic reports that 63 percent of residential properties have a mortgage.
Increases in equity levels have helped bring underwater mortgages down to near record levels. Currently, just 3.8 percent of all mortgaged properties are underwater, where the balanced owed on the home is greater than the property is worth.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.