Key Findings on the Economic Influence of Housing
The number of homes with negative equity has decreased.
Total percent of homes underwater went from 25.9% in the first quarter of 2010 to 4.1% in the first quarter of 2019.
Total home equity hits new record.
At the end of the first quarter of 2019, total home equity reached $15.8 trillion, up from $6.1 trillion in the first quarter of 2009. Between the first quarter of 2010 and the first quarter of 2019, the average equity per borrower increased from approximately $75,000 to approximately $171,000.
Since 2010, the housing flip rate has increased significantly.
In the first quarter of 2018, the number of properties bought and sold again within a two-year period reached its highest point at 11.4%.
Strong recovery for home prices and rents.
Since June 2009, home prices and rents have continued to grow. Through May 2019, home prices increased a cumulative 50% and single-family rents increased 33% in the United States.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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