Homeowner Strength in Equity Grows
Do you have that homeownership strength?
According to a new report from CoreLogic, homeowners in almost every state have seen their equity grow from Q2 in 2018 to Q2 in 2019 – with the West seeing the largest growth.
Idaho homeowners saw the most growth, with a gained average of $22,000 per borrower.
Connecticut, Delaware, and North Dakota were the only states to see a decrease in borrow equity over the past year.
Another major milestone – the report also shows the lowest negative equity share since CoreLogic began tracking specific data in 2009 – only 3.8% of all homes with a mortgage were underwater. In 2009, that percentage was at 26%.
CoreLogic predicts that with low interest rates and home equity rising, there will be better support for increasing home improvements and improvement of households who take out home equity loans to consolidate their debt.
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