Homeowners in the U.S. were given some positive news last week as new data shows they are sitting on more real estate wealth than ever. According to a new report from the Federal Reserve, the value of all U.S. owner-occupied homes increased to an all-time high of $29.2 trillion as of the third quarter 2019. This represents a gain of 4.2 percent from the previous year.
As home values climbed, homeowner equity followed. American residential property owners have amassed $18.7 trillion of equity in their homes the Fed reported.
The collective value of homes in the U.S. is currently 21 percent higher than the during the pre-recession housing bubble of 2006.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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.