Reported 6 months ago
A recent CoreLogic report revealed that in Q1 2024, U.S. homeowners with mortgages gained $1.5 trillion in equity over a year, with the average homeowner adding $28,000 in equity, the highest annual increase since late 2022. States like California, Massachusetts, and New Jersey saw equity increases more than double the national average. The total net equity reached over $17 trillion, with 62% of residential homes having mortgages. This rise in home equity has lifted 190,000 homeowners out of negative equity, now only affecting 1.8% of mortgaged homeowners. Negative equity decreased by 2.1% in Q1, amounting to 1 million homes nationwide.
Source: YAHOO