Homes in U.S. gain nearly $2 trillion in equity since last year

Homes in U.S. gain nearly $2 trillion in equity since last year

Homes in U.S. gain nearly $2 trillion in equity since last year
With home prices rising at a record-breaking pace, current homeowners are seeing their net worth skyrocket. According to new data from CoreLogic’s Homeowner Equity Report for Q1 2021, U.S. homeowners with mortgages saw their equity increase by 19.6 percent on an annual basis. This represents more than $1.9 trillion or $33,400 per homeowner.

“Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic,” said Frank Martell, president and CEO of CoreLogic. “These gains have become an important financial tool and booster consumer confidence in the U.S. housing market.”

As a result of the gains in home values, currently there fewer than 1.4 million homes in the U.S. that are underwater. This is just 2.6 percent of all mortgaged properties nationwide.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 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.