There are roughly 70 million homes in the U.S. and 50 million have a mortgage on them (average of roughly $200k).
That puts the overall housing market at about $10 trillion.
The amount of equity homeowners had in the 2nd quarter climbed by $406 billion to $7.3 trillion, the highest level since 2007. (Thanks to the Pacific Coast Bankers Bank for this one.)
And we have to figure that this increase in “national LTV” continued to climb in the 3rd and 4th quarters given values and the number of “cash in” refinancings.