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US household net worth surges on home values

September 24,2021 | By Erickson Ocasio
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It’s the largest-ever increase US household net worth surged to a fresh record in the second quarter as Americans enjoyed an ebullient stock market and the largest-ever increase in the value of their real estate holdings. Household net worth increased by $5.8 trillion, or 4.3%, to $141.7 trillion in the second quarter, a Federal Reserve report out Thursday showed. The advance included a $3.5 trillion gain in the value of equities and a $1.2 trillion improvement in real estate held by households. Stocks have surged to record highs, and low borrowing costs have supported a flurry of home buying -- and ultimately home price appreciation. The figures highlight how the massive support provided by the government and the Fed has bolstered Americans’ wealth. Equity shares as a percent of total household assets rose in the second quarter to almost 29.5%, up from

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US home equity hits unprecedented levels

September 24,2021 | By Erickson Ocasio
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Home equity wealth to boost economic activity in the coming year US homeowners with mortgages gained a collective $2.9 trillion in equity in the second quarter, according to a new CoreLogic report released Thursday. That means that each homeowner saw an average gain of $51,500, or 29.3% year over year, CoreLogic said. Mortgage borrowers account for roughly 63% of all properties. Despite the effects of the pandemic, 59% of them feel extremely confident in their ability to keep current on their payments in the coming year. “The growth in homeowner equity provides a strong financial cushion for tens of millions of Americans. For those most impacted by the pandemic, equity gains will help play a critical role in staving off foreclosure,” said Frank Martell, president and CEO of CoreLogic. “Based on projected increases in economic activity and home values over the next year, we expect to s

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Financial crisis scars tie up $8.1 trillion in US home equity

June 28,2021 | By Erickson Ocasio
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Banks halted lending in many cases ?US homeowners spooked by the burgeoning pandemic last spring rushed to tap equity in their properties for a hit of ready cash -- and equally wary banks tightened credit or halted lending in response. In the past year, monstrous demand for homes amid a scarcity of listings pushed up prices to the point of giving owners more collective equity than they’ve ever had before: $8.1 trillion, according to data provider Black Knight Inc. But despite the roaring housing market and economic recovery, lenders are still keeping a tight grip on home equity lines of credit, or Helocs, a primary way borrowers can turn value stored in a home into cash. Chalk it up to lessons learned from the last real estate crash, and other options for homeowners that may be less costly given today’s historically low mortgage rates. “Many banks are still wary of the risks of making

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Homeowners in blue counties are more likely to be equity-rich

November 5,2020 | By Erickson Ocasio
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Americans who live in US congressional districts represented by a Democrat are more likely to have substantial home equity built up, according to a political housing analysis from ATTOM Data Solutions. The report showed that the average home in Democratic areas is worth 75% more than those in counties that lean Republican. Among the 3 million single-family homes sold last year in the US, the average home price in counties with Democratic members of the US House of Representatives was $428,958 – almost double the average price in Republican-leaning counties ($245,085). However, property taxes in Republican-controlled districts are nearly half of what homeowners pay in Democratic areas. "On the flip side, homeowners in Republican-controlled districts pay lower property taxes — $2,676 on average, compared to $5,127 in Democrat-controlled districts,

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