On Wednesday CoreLogic reported that
prices in October were up 18 percent on an annual basis, the highest level in
more than 45 years and identical to the gain in September. On Thursday, the
company put those gains in perspective. That perspective, contained in its
Homeowner Equity Report, is a massive $3.2 trillion gain in home equity during
the third quarter of this year. This means that owners of homes with a
mortgage, 63 percent of the total, increased their ownership share of their
homes by 31.1 percent since the third quarter of 2020, an average annual gain
of $56,700 per property. The company says these equity gains provided a crucial
barrier against foreclosure for the 1.2 million borrowers who reached the end
of forbearance in September.

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