National Homeowner Equity
CoreLogic reported that in the second quarter of 2022, the average homeowner gained approximately $60,200 in equity during the past year.
The CoreLogic analysis showed that U.S. homeowners with mortgages (roughly 63% of all properties) saw their equity increase by a total of over $3.6 trillion since the second quarter of 2021. This represents a gain of 27.8% year-over-year.
Negative Equity Falls
In the second quarter of 2022, total number of mortgaged residential properties with negative equity decreased by 7% from the first quarter of 2022, falling to 1 million homes, or 1.8% of all mortgaged properties. This market trend continues the decrease of negative equity year-over-year, by 18% from 1.3 million homes, or 2.3% of all mortgaged properties.
The national aggregate value of negative equity was approximately $302.7 billion at the end of the second quarter of 2022. This is up quarter-over-quarter by approximately $3.2 billion, or 1.1%, from $299.5 billion in the first quarter of 2022. Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis, which began in the third quarter of 2009.
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.