712,000 Homes in the US Regained Equity in the Past 12 Months!

CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.

The report also revealed:

• The average homeowner gained approximately $14,900 in equity during the past year.
• Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.
• U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.

The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.)

Significant Equity Is on The Rise

Frank Nothaft, Chief Economist at CoreLogic, believes this is great news for the “housing market.” He went on to say:

“Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. This increase is primarily a reflection of rising home prices, which drives up home values, leading to an increase in home equity positions and supporting consumer spending.”

Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.

The map below shows the percentage of homes by state with a mortgage and significant equity.

Bottom Line

If you are one of the many homeowners who are unsure of how much equity you have in your home and are curious about your ability to move, let’s meet up to evaluate your situation.

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7433 W State Avenue Glendale, AZ 85303

$459,990

3 Beds

2.5 Baths

1,986 SqFt

Status Active

MLS # 6690143

Property Type Single Family Residence

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Under Construction new build home with a May 2024 move-in! This is an amazing single family 3-bedroom, 2.5-bathroom with a 2-car garage on north/south exposure homesite within the desirable Alto gated community!!! This Concerto floor plan features beautiful interior selections such as granite kitchen countertops, modern 42'' full overlay cabinets, contemporary imperfect smooth walls, and stainless kitchen appliances plus much more. Make time to visit this neighborhood soon! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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9437 E Spiral Avenue Mesa, AZ 85212

$459,990

3 Beds

2 Baths

1,377 SqFt

Status Active

MLS # 6694633

Property Type Single Family Residence

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This adorable cozy home offers 3 large bedrooms with our Roosevelet Premium Palette, including a stainless gas range, dishwasher, and microwave with granite kitchen counters Tile floors in all the main living areas with upgraded carpet in the bedrooms. Many upgrades in plumbing and electrical bring this homes design together for a lovely home to move into. This home also offers a large four panel slider to the back patio. Stop by today to see why Eastmark is the #1 place to call home.

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1263 E Palo Verde Drive Casa Grande, AZ 85122

$459,990

5 Beds

3 Baths

2,549 SqFt

Status Active

MLS # 6637959

Property Type Single Family Residence

Price Type --

If you're looking for a ranch style, true 5 bedroom split floorplan, in Casa Grande, AZ then look no further! This home, built in 2018, consists of 5 bedrooms, 3 full bathrooms, a 2 car garage and sits on a corner lot 8,448 sqft in size. It has a very spacious backyard with lots of citrus trees and even a large covered patio for those fall, winter and spring nights you may want to enjoy the Arizona weather. This home has had only one owner and has been kept in meticulous condition. There is surround sound throughout and even a multi-camera owned security system and it's all located within the Cottonwood Ranch community of Casa Grande.

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26825 W Kerry Lane Buckeye, AZ 85396

$459,990

2 Beds

2 Baths

1,574 SqFt

Status Active

MLS # 6642095

Property Type Single Family Residence

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Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. This home offers two bedrooms two bathrooms, 4' garage extension, AV built-in, extension at rear of home, large laundry, gas stub and outlet package, 8' interior doors, stainless steel range/oven and microwave, dishwasher, upgraded flooring, cabinets, counter tops and surrounds. Upgraded electrical package and garage hobby package. Complete January 2024.

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