“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $620 billion since the second quarter of 2019, an increase of 6.6%, year over year.”
“The CoreLogic Home Price Index registered a 4.3% annual rise in prices through June, which supported an increase in home equity.”
“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity during the past year.”
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home—the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
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