Homeowners Gain 1.5 Trillion in Equity in 2020
In case you didn’t know 2020 was a good year to be a homeowner.
The latest Home Equity report from CoreLogic shows over a trillion dollars in equity gained by U.S. homeowners over the last year.
– Homeowners with mortgages saw their equity increase by a total of nearly $1.5 trillion since the fourth quarter of 2019. This is a 16.2% increase.
– To put it in real dollars, the average homeowner gained approximately $26,300 in equity during the past year.
Not surprisingly, the total number of homes underwater decreased to 1.5 million homes (less than 3% of all mortgaged properties). This is a 21% drop from Q4 2019.
Frank Martell, President and CEO of CoreLogic, said in a statement, “This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.”