Homeowners gain major equity
American homeowners gained more than $5,000 in home equity last quarter. In states like Idaho, Wyoming, and Utah it was four times that or more.Verify your new rate (Oct 27th, 2020)
Home equity gains by state
According to new data from property data firm CoreLogic, the average homeowner gained $5,300 in home equity during the third quarter of the year. That’s a 5.1 percent uptick over the year and a total of $457 billion in gained equity since Q3 2018.
Homeowners in Idaho saw their equity grow the most, with a whopping $25,800 uptick in the last year. Wyoming and Utah homeowners were at No. 2 and 3, with jumps of $24,000 and $21,000, respectively.
North Dakota was the only state where homeowners actually lost home equity in Q3, notching a loss of about $913 over the year.
Negative equity mortgages see decline
In other good news, the number of homeowners in negative equity — meaning they owe more on their homes than they’re worth — hit its lowest point since 2009.
As Frank Nothaft, chief economist for CoreLogic, explains, “Ten years ago, during the depths of the Great Recession, more than 11 million homeowners had negative equity or 25 percent of mortgaged homes,” Nothaft said. “After more than eight years of rising home prices and employment growth, underwater owners have been slashed to just 2 million, or less than 4 percent of mortgaged homes.”
Miami claims the most negative equity mortgages in the nation. More than 9 percent of homeowners have underwater mortgages. Chicago comes in second with a 7.8 percent share of mortgages in negative equity.Verify your new rate (Oct 27th, 2020)
Get today’s mortgage rates
Are you interested in building equity and becoming a homeowner? Then shop around and see what mortgage rates you qualify for today.