Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This YearIf you’re planning to buy a home this year, saving for a down payment is one of the most important steps in the
Nov 3 2016 26157 1
Dated: November 3 2016
Home Owners Should Feel Twice as Rich
DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 02, 2016
Thanks to rising home prices, home owners are getting richer, a new study says. The amount of homeowner equity has doubled in the last five years, according to CoreLogic’s latest Home Price Index and HPI Forecast for September 2016.
"Home equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices," says Frank Nothaft, chief economist for CoreLogic. "Nationwide during the past year, the average gain in housing wealth was about $11,000 per home owner, but with wide geographic variation."
Home owners in several markets across California, Washington, Oregon, Colorado, and Utah are seeing some of the most growth, with double-digit home price gains.
Home owners nationwide likely are to see even more equity in the coming months, too.
“Home-price growth creates wealth for owners with home equity,” says Anand Nallathambi, president and CEO of CoreLogic. “A 5 percent rise in home values over the next year would create another $1 trillion in home equity wealth for home owners.”
This is a very interesting article that may hopefully get some potential buyers off the fence to purchase a home. Those that rent off course don't build any equity, so it makes perfect sense to take the big step and buy!
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There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased