Equity Appreciation for Homeowners
CoreLogic’s latest Equity Report revealed 91.1% of all mortgaged properties are now in a positive equity situation. 75.9% of those properties now have significant equity – meaning more than 20% equity! The report also showed 548,000 households regained equity in the second quarter of 2016 and are no longer under water.
Equity Appreciation = Good News for Homeowners
Anand Nallathambi, President & CEO of CoreLogic, had this to say:
“We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index. Assuming this growth is uniform across the U.S., that should release an additional 700,000 homeowners from the scourge of negative equity.”
This map illustrates the percentage of households in each state with significant equity. How is your state doing?
Homeowners with more than 20% equity in their home could potentially use their equity as a down payment on a larger home, a retirement home or even an investment property.
Real Estate Bottom Line
If you aren’t sure how much equity you have in your home, reach out to me. I’m happy to do a market valuation on your current home.