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One million U.S. borrowers regained equity in 2016, according to CoreLogic\u2019s newly released housing<\/a>\u00a0report. Further, about 63 percent of all homeowners saw their equity increase last year.<\/p>\n Read more<\/strong>: More Homeowners Turn to Their Equity Again<\/span><\/p>\n<\/blockquote>\n Now, 93.8 percent of all mortgaged properties\u2014or about 48 million homes\u2014are in positive equity territory, according to the report.<\/p>\n \u201cAverage home equity rose by $13,700 for U.S. homeowners during 2016,\u201d says Frank Nothaft, chief economist for CoreLogic. \u201cThe equity build-up has been supported by home price<\/a> growth and paydown of principal. \u2026 Further, about one-fourth of all outstanding mortgages have a term of 20 years or less, which amortize more quickly than 30-year loans<\/a> and contribute to faster equity accumulation.\u201d<\/p>\n Texas had the highest percentage of homes with positive equity at 98.4 percent, followed by Hawaii (98.1 percent), Alaska (97.9 percent), Colorado (97.9 percent), Oregon (97.9 percent), Utah (97.9 percent), and Washington (97.9 percent)<\/p>\n \u201cHome equity gains were strongest in faster-appreciating and higher-priced home markets,\u201d says Frank Martell, president and CEO of CoreLogic. The states with the largest home-price appreciation last year, according to the CoreLogic Home Price Index, were Washington and Oregon at 10.2 percent and 10.3 percent, respectively. The average homeowner equity gain in Washington was $31,000 and\u00a0$27,000 in Oregon.<\/p>\n \u201cThis is double the pace for the U.S. as a whole,\u201d Martell says. \u201cAnd while statewide home-price appreciation was slower in California at 5.8 percent, the high price of housing there led to California homeowners gaining an average of $26,000 in home equity wealth last year.\u201d<\/p>\n On the other hand, as of the fourth quarter of 2016, the number of residential properties with a mortgage<\/a> that stood in\u00a0negative equity was 3.17 million, or 6.2 percent of all homes with a mortgage. That marks a 25 percent decrease year-over-year, when\u00a0it stood at 4.23 million homes in the fourth quarter of 2015.<\/p>\n Still, Nevada had the highest percentage of homes with negative equity at 13.6 percent, followed by Florida (11.6 percent), Illinois (11.1 percent), Rhode Island (10 percent), and Arizona (9.8 percent). CoreLogic\u2019s report notes that those five states alone accounted for nearly 30 percent of negative equity in the U.S.<\/p>\n Source: CoreLogic<\/em><\/p>\n<\/div>\n [ad_2]\n
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