Saturday
November 18, 2017

Why Your Clients May Become $13K Richer

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Why Your Clients May Become $13K Richer

Some of your clients may find their net worth increasing this year. Nearly 91,000 homeowners regained equity in the first quarter of 2017, according to real estate data firm CoreLogic’s latest housing report. Since the end of the most recent housing crisis, 9 million owners in total have regained equity, the report notes.

About 63 percent of all homeowners have seen their equity increase since the first quarter of 2016, with the average owner gaining about $13,400 between then and the first quarter of 2017. “Homeowner equity increased by over $750 billion during the last year, the largest increase since mid-2014,” says Frank Martell, president and CEO of CoreLogic. “The rising cushion of home equity is one of the main drivers of improved mortgage performance. It also supports consumer balance sheets, spending, and the broader economy.”

Texas had the highest percentage of homes with positive equity at 98.4 percent, according to the report, followed by Utah (98.2%), Washington (98.2%), Hawaii (98.1%), and Colorado (98%). Washington homeowners gained the most equity year over year at $37,900, the report shows.

On a metro level, the following cities had the highest percentage of homes with positive equity in the first quarter of 2017:

  • San Francisco-Redwood City-South San Francisco, Calif.: 99.4 percent
  • Denver-Aurora-Lakewood, Colo.: 98.6 percent
  • Houston-The Woodlands-Sugar Land, Texas: 98.5 percent
  • Los Angeles-Long Beach-Glendale, Calif.: 97.3 percent
  • Boston: 95.6 percent

Source:  CoreLogic