It is hardly a surprise given the rapid
increase in home prices, but homeowners gained another $1.9 trillion in equity
in the first quarter of this year. CoreLogic’s Homeowner Equity Report says
homeowners with mortgages, (about 62 percent of all properties) saw an increase
of 19.6 percent compared to the first quarter of 2020. This is an average
annual gain of $33,400 per household. At the same time, the number of homeowners
who were underwater, owning more on their mortgages than the value of their
home, decreased by 24 percent over the 12 months ending in March, 7 percent in
the first quarter alone. This meant that 450,000 properties emerged from negative
equity during the year, leaving 1.4 million homes, 2.6 percent of those with a
mortgage, underwater.  

 

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