Over $1 Trillion In Homeowner Equity

Homeowner Equity Increases an Astonishing $1 Trillion | MyKCM

In a year that was financially devastating for many Americans, some good news for most homeowners is the dramatic gain in home equity over the last twelve months. Last week, CoreLogic released its 2020 3rd Quarter Homeowner Equity Insights report, which reveals four major findings:

  1. U.S. homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019.
  2. The average homeowner gained approximately $17,000 in equity over the past year.
  3. This is a 10.8% increase in equity over last year.
  4. The average household with a mortgage now has $194,000 in home equity.

This has given many homeowners the ability to redesign their homes to meet their changing needs. Frank Martell, President and CEO of CoreLogic, explains in the report:

“The housing market has remained a strong pillar in an otherwise tumultuous economic year. A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.”

This build-up in equity also gives more options to homeowners who have been financially impacted by the pandemic. Today, homeowners with substantial equity are in a much better position to work out a deal with their lender if they cannot pay their mortgage. Alternatively, they also have the power to sell and walk away with their equity in the form of cash or as a down payment toward a more affordable house. Frank Nothaft, Chief Economist for CoreLogic, addresses the issue in the report:

“Over the past year, strong home price growth has created a record level of home equity for homeowners…This provides an important buffer to protect families if they experience financial difficulties and is one reason for the generational-low in foreclosure rates reported.”

Here’s a map showing equity gains by state:Homeowner Equity Increases an Astonishing $1 Trillion | MyKCM

This gain in home equity is a blessing for homeowners in these trying times, and it seems that the next two years will continue to reward those who own a home.

Last week, the National Association of Realtors (NAR) held their 2020 Real Estate Forecast SummitAt the summit, they shared the results of a recent survey of 23 economic and housing market experts. The median forecast among the experts called for home values to increase further by 8% in 2021 and 5.5% in 2022.

Bottom Line

In a year that has many of us reevaluating what “home” really means, those who own their homes have been rewarded with a financial windfall that averages $17,000 individually and totals $1 trillion nationally.

3730 Properties
Page 1 of 311
$239,000
Subdivision: Echo Hills Add
3
Beds
2
Baths
1,350
Sq.Ft.
1978
Year Built
1
Day on Site
14560060
MLS
Beautiful well cared for home on a quiet cul de sac. Large living room with stately stone fireplace leading into the dining area that opens to an oversized family room at the back of the home....
$300,000
Subdivision: Heritage Add
3
Beds
2
Baths
1,844
Sq.Ft.
2009
Year Built
1
Day on Site
14553997
MLS
Adorable Cape Cod style home located in the sought after neighborhood of Heritage! Walking distance to Keller ISD schools and close to everything in Alliance! This home will win you over in curb...
$210,000
Subdivision: Young Ella Add
3
Beds
1F11/2
Baths
1,347
Sq.Ft.
1961
Year Built
1
Day on Site
14558115
MLS
Excellent home located off Hwy 199, minutes away from Fort Worth Nature Center & Refuge, parks, lake access & more. This renovated 3 bedroom, 1.5 bath home features granite countertops, stainless...
$275,000
Subdivision: Massey Add
3
Beds
2F11/2
Baths
1,600
Sq.Ft.
2003
Year Built
1
Day on Site
14560629
MLS
Beautiful EAST FACING townhome is spacious with 3 bedrooms & is move-in ready! Great curb appeal from the brick facade, classic architecture & manicured, lush landscaping! Light, bright & airy...
$290,000
Subdivision: Colony 12
3
Beds
2
Baths
1,791
Sq.Ft.
1977
Year Built
1
Day on Site
14561234
MLS
Beautifully updated! Not one detail was missed in this renovated home. Large open floor plan for the living room, Kitchen, and breakfast area. Stainless steel appliances, granite countertops,...
$280,000
Subdivision: Clark Ridge 01
4
Beds
2F11/2
Baths
2,466
Sq.Ft.
2005
Year Built
1
Day on Site
14561449
MLS
This is a dream home for a growing family! With 4 large bedrooms, 2 living areas, dining,eat-in kitchen, large utility-pantry and 2.1 baths, there is not one inch of wasted space! Wood floors...
Open 4/24
4307 Montpelier Court Arlington, TX 76017
$259,900
Subdivision: Vermillion Place Add
4
Beds
2
Baths
1,612
Sq.Ft.
1980
Year Built
1
Day on Site
14561935
MLS
Location, Location, Location! Well established subdivision in Arlington with lots of mature trees and curb appeal. Wonderful Cul-de-sac! Highly rated Schools! Four bedrooms! Vaulted ceiling!...
Open 4/24
912 Azalia Drive Lewisville, TX 75067
$245,000
Subdivision: Sylvan Creek
3
Beds
2F11/2
Baths
1,614
Sq.Ft.
1991
Year Built
1
Day on Site
14561088
MLS
Fantastic landscaped home in Sylvan Creek is looking for a new owner! Cooks appreciate the spacious kitchen complete with stainless steel appliances, large kitchen window allowing wonderful natural...
Open 4/24
6506 Stetter Drive Arlington, TX 76001
$199,900
Subdivision: Stonebrook Estates Add
3
Beds
2
Baths
1,359
Sq.Ft.
1992
Year Built
1
Day on Site
14552844
MLS
Beautiful 3 bedroom, 2 bathroom home in highly coveted Mansfield ISD. Hardwood flooring throughout, granite countertops and crown molding. Primary bedroom split from other bedrooms. The master...
$260,000
Subdivision: Summer Creek Meadows Add
4
Beds
2F11/2
Baths
2,542
Sq.Ft.
1999
Year Built
1
Day on Site
14555438
MLS
SUBMIT BEST OFFER BY SUNDAY, APRIL 25, 3PM. Two-story home with 3 living areas, 2 dining areas, 4 bedrooms, 2.1 baths with and separate office ideal for remote working or learning. Quick access to...
$255,000
Subdivision: Woodland West Add
3
Beds
2
Baths
1,497
Sq.Ft.
1968
Year Built
1
Day on Site
14560800
MLS
Come check out this updated stunner is desirable Woodland West Subdivision of Arlington. Home has received a long list of improvements. The kitchen is new and includes granite and stainless steel...
Open 4/24
2035 Greenview Drive #A Carrollton, TX 75010
$289,000
Subdivision: Booth Creek Add Ph 3
3
Beds
2
Baths
1,678
Sq.Ft.
1991
Year Built
1
Day on Site
14549164
MLS
This home did not lose power during the winter storm! Upon entering the home you're greeted by soaring ceilings and the natural light coming into the living room. To the right you'll find the kitchen...
Information is deemed reliable, but is not guaranteed accurate by the MLS or NTREIS. The information being provided is for the consumer's personal, non-commercial use, and may not be reproduced, redistributed or used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than North Realty Group are marked with the NTREIS IDX logo and information about them includes the name of the listing brokerage.

NTREIS data last updated April 23, 2021.

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