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By Michael Fenner, Wednesday, 1 October 2014 - 9:29am
New analysis from CoreLogic
shows that nearly 950,000 homes returned to positive equity in the
second quarter of this year. Nationwide, borrower equity increased by
approximately $1 trillion in the second quarter compared to a year
earlier.
However, 10.7 percent of all residential properties with a mortgage (5.3 million homes), were still in negative equity in Q2, but that total is down from 12.7 percent (6.3 million homes) in the first quarter and 14.9 percent (7.2 million homes) in in Q2 2013, the report says.
“The increase in borrower equity of $1 trillion from a year earlier is evidence that things are moving solidly in the right direction,” says Sam Khater, deputy chief economist for CoreLogic. “Borrower equity is important because home equity constitutes borrowers’ largest investment segment and, as a result, is driving forward the rise in wealth for the typical homeowner.”
However, 10.7 percent of all residential properties with a mortgage (5.3 million homes), were still in negative equity in Q2, but that total is down from 12.7 percent (6.3 million homes) in the first quarter and 14.9 percent (7.2 million homes) in in Q2 2013, the report says.
“The increase in borrower equity of $1 trillion from a year earlier is evidence that things are moving solidly in the right direction,” says Sam Khater, deputy chief economist for CoreLogic. “Borrower equity is important because home equity constitutes borrowers’ largest investment segment and, as a result, is driving forward the rise in wealth for the typical homeowner.”
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