Average equity per homeowner rises to record $300,000

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U.S. homeowners with mortgages, which accounts for nearly two-thirds of all properties, saw equity in their homes during the second quarter rise 27.8% from a year ago, according to property information company CoreLogic’s Homeowner Equity Report (HER) released Friday. The total increase in home equity for the quarter was $3.6 trillion, or an average of $60,200 per borrower. The total average equity per homeowner rose to a record $300,000. “[R]ecord equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas,” said CoreLogic interim chief economist Selma Hepp.

This article was originally published by Marketwatch.com. Read the original article here.

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