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Homeowner Equity Gain Averages in Double Digits

Posted To: MND NewsWire

Nine years after what is acknowledged as the start of the housing crisis about 2.5 million homeowners remain underwater , but that number is down by 0.7 million since the third quarter of 2016. CoreLogic said today that those homeowners remain in negative equity despite rapid increases in the equity of homeowners nationwide. Negative equity applies to borrowers who owe more on their mortgages than their homes are worth, and can occur because of a decline in a home’s value, an increase in mortgage debt or both. The company’s third quarter 2017 equity analysis shows homeowners with a mortgage (approximately 63 percent of the total) have seen their equity increase by 11.8 percent year-over-year, an average of $14,888 per homeowner and a nationwide aggregate of $870.6 billion. Negative equity nationwide…(read more)

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