Ever-increasing home equity
The average homeowner earned about $4,900 in home equity over the last year. In some states? Homeowners gained more than five times that.Verify your new rate (Jan 25th, 2020)
Idaho homeowners see $22K in extra equity
According to the latest Home Equity Report from CoreLogic, homeowners have seen their equity rise by 4.8 percent since the second quarter of 2018, equating to about $4,900 in gains for the year.
In total, American homeowners gained $428 billion in equity in the last 12 months.
The gains were biggest in Idaho, where the average homeowner saw their equity increase by $22,100. Other states to see large increases were Wyoming ($22,400), Nevada ($16,800), Utah ($15,906) and Arizona ($14,903).
Frank Martell, president and CEO of CoreLogic, says the jump is thanks to rising home values.
“Home values have continued to rise in most parts of the country this year, and we are seeing the benefit in higher home equity levels,” Martell said. “The western half of the U.S. has experienced particularly strong gains in home equity recently.”
Equity isn’t equal
The news wasn’t good in all 50 states, though. In some areas, equity levels declined. North Dakota homeowners, for example, saw their equity dip by $4,626 over the year, while those in Delaware saw equity decrease by $4,150. Delaware also saw equity levels drop.
“In July 2019, South Dakota and Connecticut were the only two states to post annual home price declines,” Martell said. “These losses mirror the states’ home equity performances during the second quarter as both reported negative home equity gains per borrower.”
Only about 3.8 percent of mortgaged properties are in a negative equity position, down from 4.3 percent last year. Out of the country’s biggest metro areas, Miami has the highest rate of negative equity, with 9.5 percent of homeowners currently underwater.Verify your new rate (Jan 25th, 2020)
Get today’s mortgage rates
Are you looking to cash in on that increased equity with a refinance? Then shop around and see what mortgage rates you qualify for today.