CoreLogic chief economist Selma Hepp just shared key stats on how much home equity people have in America right now. Here are a few callouts, and the link below has more details:
– Average homeowner has $274,000+ in home equity as of 1Q23.
– This is up from $182,000 before pandemic.
– Average U.S. homeowner lost $5,400 in home equity from 1Q22 to 1Q23.
– Homeowners in Western states lost much more equity than other areas from 1Q22 to 1Q23 (see map above).
– Areas where price declines led to biggest equity losses are are Washington (-$74,300), California (-$59,600), Utah (-$37,700).
– In 1Q23, 1.2 million homes (2.1% of all mortgaged homes) had negative equity.
Average U.S. homeowner lost $5,400 from 1Q22 to 1Q23, but they now have $274,000 in equity which is up from $182,000 pre-pandemic.
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