Homeowners Gain $5.57 per Hour in Home Equity Across California
(Bloomberg) -- The average homeowner in the U.S. gained $16,200 in home equity over the past year ending in the second quarter of 2018, according to a report by CoreLogic, a property information firm. This represents about 25 percent of the average households income level.
As with most things in real estate, location matters a great deal. Homeowners on the west coast saw the most substantial gains, with those in California seeing an average gain of approximately $48,800 and Washington state homeowners with an average increase of about $41,000 from the second quarter of 2017 to the second quarter of 2018.
“When aggregated across all homeowners that totals almost $1 trillion in gains in home equity wealth. This wealth gain will support additional consumption spending and home improvement expenditures in coming years.” said Dr. Frank Nothaft, chief economist for CoreLogic.
But, while many parts of the country are fetching record home prices and soaring equity gains, some homeowners face falling valuations. Nationally, 4.3 percent or 2.2 million mortgaged residential properties are still in negative equity positions and in a few states, namely, Louisiana, Connecticut and North Dakota, average equity levels are falling.
Just how fast had the equity been falling and rising? Here’s a look at the five biggest winners and losers broken down to a per hour basis:
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