From National Mortgage News:
The amount of equity homeowners hold grew by $726 billion, or 10.8%, in the third quarter of 2016 versus the year before, according to data from CoreLogic.
On a quarterly basis, the equity in residential properties secured by mortgages rose by $227 billion, or 3.1%, CoreLogic reported Thursday. The increase pulled 384,000 borrowers out of negative equity.
Altogether, 93.7% of all mortgaged properties are now in positive equity. The rise in home equity was mainly the result of price appreciation.
“Home equity rose by $12,500 for the average homeowner over the last four quarters,” Frank Nothaft, chief economist for CoreLogic, said in a news release. “There was wide geographic variation with homeowners in California, Oregon and Washington gaining an average of at least $25,000 in home equity wealth, while owners in Alaska, North Dakota and Connecticut had small declines, on average.”