Homeowners see largest yearly equity gain in more than six years, indicating a strong and growing housing market
"US housing market sees significant growth with homeowners gaining $1 trillion in equity in the last year."
The US housing market has seen a significant increase in home equity, with homeowners gaining a total of $1 trillion in equity in the last year. This is the largest yearly equity gain in more than six years, indicating a strong and growing housing market.
According to a report from CoreLogic, homeowners with mortgages, representing about 63% of all properties, have seen their equity increase by 10.8% in the last year. This equates to an average gain of $17,000 per homeowner.
This growth in home equity can be attributed to several factors. One of these is the improving economy, which has led to an increase in consumer confidence and spending power. As the economy continues to recover from the effects of the pandemic, more people are finding themselves in a position to purchase a home.
