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Home Equity Gains are Breaking 8 Year Records
Friday, March 12, 2021
Homeowners' housing wealth grew by record
numbers in the fourth quarter of last year. CoreLogic, in its Home Equity
Report for the period, says the average equity in a U.S. home increased 16.2
percent since the fourth quarter of 2019, the greatest increase in seven years.
Homeowners gained an average of $26,300
in equity and the aggregate increase across the 62 percent of U.S. homes with
mortgages was $1.5 trillion. CoreLogic's chief
economist Frank Nothaft said, "Compared with a year earlier, home prices in
December 2020 were up sharply - 9.2%,
according to the CoreLogic Home Price Index - boosting
the amount of home equity for the average homeowner with a mortgage to more
than $200,000. This equity growth has enabled many families to finance
home remodeling, such as adding an office or study, further contributing to
last year's record level in home improvement spending."
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