Homeowners’ housing wealth grew by record
numbers in the fourth quarter of last year
. CoreLogic, in its Home Equity
Report for the period, says the average equity in a U.S. home increased 16.2
percent since the fourth quarter of 2019, the greatest increase in seven years.
 Homeowners gained an average of $26,300
in equity and the aggregate increase across the 62 percent of U.S. homes with
mortgages was $1.5 trillion. CoreLogic’s chief
economist Frank Nothaft said, “Compared with a year earlier, home prices in
December 2020 were up sharply – 9.2%
,
according to the CoreLogic Home Price Index – boosting
the amount of home equity for the average homeowner with a mortgage to more
than $200,000. This equity growth has enabled many families to finance
home remodeling, such as adding an office or study, further contributing to
last year’s record level in home improvement spending.”

 

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