CoreLogic’slatestEquity Reportrevealed that one million borrowers regained equity in their homes in 2015. The outlook for 2016 remains positive as well, as an additional 850,000 properties would regain equity if home prices rose another 5% this year.
The study also revealed:
95% of homes valued over $200,000 now have a positive equity position
87% of homes valued under $200,000 have entered a positive position
The 11.5% growth in home equity in Q4 marked the 13thconsecutive quarter of double digit gains
Below is a map showing the percentage of homes with a mortgage, in each state, that have positive equity.(The states in gray have insufficient data to report.)
Significant Equity Is On The Rise
Anand Nallathambi,President & CEO of CoreLogic, believes this is great news for the“long-term health of the U.S. economy.”He went on to say:
“The number of homeowners with more than 20% equity is rising rapidly. Higher prices driven largely by tight supply are certainly a big reason for the rise, but continued population growth, household formation and ultralow interest rates are also factors.”
Of the 91.5% of homeowners with positive equity in the US,72.6% have significant equity(defined as more than 20%). This means that nearly three out of four homeowners with a mortgage could use the equity in their current home to purchase a new homenow.
The map below shows the percentage of homes with a mortgage, in each state, with significant equity.
If you are one of the many homeowners who is unsure of how much equity you have in your home and are curious about your ability to move, meet with a local real estate professional who can help evaluate your situation.
Author:Kriste Simmons Phone: 931-561-1103 Dated: March 28th 2016 Views: 245 About Kriste: I am a licensed Real Estate Agent in TN, and KY with Reliant Realty ERA Powered. I have over 18 yea...
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About Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
Thank you for choosing The Simmons Team for your real estate needs! We make it our mission to provide you with top of the line services in any type of situation. We specialize in the Clarksville, Montgomery County, Fort Campbell and Hopkinsville areas, but will gladly help you with surrounding areas as well. Our local expertise and wide variety of Real Estate knowledge will benefit you whether you are buying or selling for the first or the tenth time.