CoreLogic indicated that homeowners with mortgages gained over $3.8T in home equity since Q1 2021, an increase of +32.2% y/y in Q1 2022.

Homeowner Equity Gains in Q1 2022

In CoreLogic’s latest quarterly Homeowner Equity Insights report, this CoreLogic analysis indicates that homeowners with mortgages, roughly 62% of all properties, have gained +32.2% y/y, or over $3.8T, in home equity as of the end of Q1 2022.

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Negative Equity Drops in Q1 2022

The total number of mortgaged residential properties with negative equity in Q1 2022 dropped -5.3% y/y to 1.1M homes or 2% of all mortgaged properties.

On a year-over-year basis, negative equity dropped -22.6% y/y or -320K homes in Q1 2022.

Economic Impact

As US home prices continued to grow approximately +20% y/y in Q1 2022, an additional 62,000 homeowners regained equity in their homes compared with Q4 2021.

Homeowners in California, Hawaii and Washington led other states for annual equity increases during Q1 with homeowners in all three of these states gaining more than $100,000.

The average home equity gained year-over-year between Q1 2021 and Q1 2022 was approximately $64,000.

Only 2% of homeowners with a mortgage remained underwater during Q1 2022.

According to CoreLogic President and CEO Patrick Dodd, “Price growth is the key ingredient for the creation of home equity wealth.  Home prices were up by +20% in March compared to one year earlier in CoreLogic’s national Home Price Index (HPI).  This has led to the largest one-year gain in average home equity wealth for owners and is expected to spur a record amount of home-improvement spending this year.”

Equity Changes in Ten Largest US Cities in Q1 2022

  • Chicago – +4.1%
  • New York – +2.5%
  • Miami – +1.8%
  • Boston – +1.7%
  • Washington – +1.5%
  • Houston – +1.3%
  • Denver – +1.3%
  • Las Vegas – +0.7%
  • San Francisco – +0.6%
  • Los Angeles – +0.6%

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Thanks to CoreLogic.

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