CoreLogic analyst reports that U.S. homeowners with mortgages saw their home equity increase by $1 trillion since the fourth quarter of 2021. This represents a 7.3% increase year-over-year.
In the fourth quarter of 2022, the average mortgage holder earned approximately $14,300 in equity year-over-year. This compares with a $63,000 gain seen in the first quarter of 2022.
Good news for New Jersey homeowners: New Jersey was included in the top three largest average equity gainers. Florida, Hawaii and New Jersey reported the largest average equity gains of $49,000, $37,000 and $36,000, respectively. The states that were reported to have the largest losses were Idaho, Washington, California, Utah and Washington, DC, $21,000, $19,000, $8,500, $4,600 and $8,300, respectively.
Presently, in the fourth quarter of 2022, 66,000 borrowers entered negative equity territory. The areas that reported the highest equity declines were Boise, Idaho, San Francisco, cities in Utah, and Phoenix and Austin, Texas.
As of the fourth quarter of 2022, the average US homeowner still has approximately $270,000 in homeowner equity, $90,000 more than they had at the beginning of the pandemic.
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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