Nine million homeowners in regain positive equity since Housing crisis in US
According to CoreLogic's Q1 2017 home equity analysis, U.S. homeowners with mortgages (roughly 63 percent of all homeowners) have seen their equity increase by a total of $766.4 billion since Q1 2016, an increase of 11.2 percent. Additionally, the average homeowner gained about $13,400 in equity between Q1 2016 and Q1 2017. In Q1 2017, the total number of mortgaged residential properties with negative equity decreased 3 percent from Q4 2016 to 3.1 million homes, or 6.1 percent of all mortgaged properties. Compared to Q1 2016, negative equity decreased 24 percent from 4.1 million homes, or 8.1 percent of all mortgaged properties. "One million borrowers achieved positive equity over the last year, which means mortgage risk continues to steadily decline as a result of increasing home prices," said Dr. Frank Nothaft, chief economist for CoreLogic. "Pockets of concern remain with markets such as Miami, Las Vegas and Chicago, which are the top three for negative equity among large metros, with each recording a negative equity share at least twice or more the national average." Quick Market FAQs:
- Nearly 91,000 Homeowners Regained Equity in Q1 2017
- 3.1 Million Residential Properties with a Mortgage Still in Negative Equity
- Average Homeowner Equity Increased from Q1 2016 to Q1 2017
- Texas had the highest percentage of homes with positive equity at 98.4 percent, followed by Utah (98.2 percent), Washington (98.2 percent), Hawaii (98.1 percent) and Colorado (98 percent).
- On average, homeowner equity increased about $13,400 from Q1 2016 to Q1 2017 (for mortgaged properties). Washington had the highest year-over-year average increase at $37,900, while Alaska experienced a small decline.
- Nevada had the highest percentage of homes with negative equity at 12.4 percent, followed by Florida (11.1 percent), Illinois (10.5 percent), New Jersey (10.2 percent) and Connecticut (9.9 percent). These top five states combined account for 32.6 percent of outstanding mortgages in the U.S.
- Of the 10 largest metropolitan areas by population, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Denver-Aurora-Lakewood, CO (98.6 percent), Houston-The Woodlands-Sugar Land, TX (98.5 percent), Los Angeles-Long Beach-Glendale, CA (97.3 percent) and Boston, MA (95.6 percent).
- Of the same 10 largest metropolitan areas, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties in negative equity at 15.7 percent, followed by Las Vegas-Henderson-Paradise, NV (14.2 percent), Chicago-Naperville-Arlington Heights, IL (12 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (8 percent) and New York-Jersey City-White Plains, NY-NJ (5.3 percent).
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