Equity in real estate reached an all-time high by the end of Q2 2019, according to CoreLogic’s most recent Home Equity Insights Report. Since Q2 2018, the average borrower gained some $5,000 in home equity and, according to CoreLogic’s most recent Home Price Index forecast, continued gains in house pricing, and therefore home equity gains, are ahead.
Borrower equity began rising to all-time highs during the first half of 2019 and has more than doubled since the beginning of the housing recovery. CoreLogic predicts that these home equity gains, coupled with low interest rates, will be used on home improvements and/or household balance sheet improvements so that homeowners can consolidate their debts.
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Recovery from the Great Recession has seen home prices gain and negative equity decline. Countrywide, the share of negative equity has dropped by -22% but in some states, like Nevada where negative equity has dropped from -4% in 2010 to -72% in Q2 2019, negative equity shares have dropped more dramatically. Just three states, Connecticut, Delaware and North Dakota, have seen a decrease in borrower equity and by the end of Q2 2019, only 3.8% of homes with mortgages were considered to be underwater, according to CoreLogic.
Latest data from ATTOM Data Solutions’ Q3 2019 Home Sales Report corroborates the above CoreLogic data. Take a look at ATTOM’s highest seller gains:
– San Jose +82.2%
– San Francisco +72.0%
– Seattle +64.9%
– Salem OR +60.6%
– Salt Lake City +59.6%
– Spokane WA +59.5%
– Santa Rosa CA +57.7%
– Ogden-Clearfield UT +56.9%
– Boise City ID +56.8%
– Bremerton-Silverdale WA +56.6%
CoreLogic’s latest Home Equity Insights Report indicated that, states-wise, Idaho, Wyoming and Nevada were the places to be as borrower equity gains hit +$22,000 +20,000 and +17,000, respectively.