The average annual equity gains in Q2 2021 were five times the equity gain compared with Q2 2020.
National Home Equity Trends
Due to soaring home prices over the past year, home equity wealth grew to new highs during the first half of 2021, according to the latest CoreLogic Equity Report.
Nationwide, the average annual equity gain was $51,000 per borrower, the largest average equity gain in at least 11 years. This average annual equity gain was also five times the gain in Q2 2020.The nationwide negative equity share was 2.3% in Q2 2021, the lowest share of homes with a mortgage having negative equity since CoreLogic has been tracking this specific data in Q3 2009. The number of properties in negative equity dropped by some 520,000 from Q2 2020 to Q2 2021.
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State and Metro Levels of Home Equity
Ten states with the largest negative equity share in Q2 2021 include:
- Louisiana – 7.8% – more than 3 X the national average
- Iowa – 5.2%
- Illinois – 4.7%
- Oklahoma – 4.5%
- Arkansas – 4.3%
- North Dakota – 4%
- New York – 3.9%
- Kentucky – 3.8%
- Delaware – 3.5%
- Wisconsin – 3.3%
- National – 2.3%
Ten large metro areas illustrate how much negative equity shares vary. San Francisco had the lowest negative equity share of just 0.6% but its average underwater amount was $895,000, more than nine times the average underwater amount in Miami.
- San Francisco – 0.6%
- Los Angeles 0.8%
- Denver – 1.3%
- Las Vegas – 1.4%
- Houston – 1.5%
- Washington DC – 1.65%
- Boston – 1.8%
- New York – 3.2%
- Miami – 4.2%
- Chicago – 5.2%
Thanks to CoreLogic.
