Home equity levels increased year-to-year in the fourth quarter of 2017 following a larger-than-expected surge in home prices during the past year. Homeowners with mortgages, or 63% of all properties, had 12.2% more home equity during the fourth quarter of 2017 than they did the fourth quarter of 2016. In comparison, equity levels were up 11.8% year-to-year in the third quarter, according to CoreLogic’s Home Equity Report. “The average growth in home equity was more than $15,000 during 2017, the most in four years,” said CoreLogic Chief Economist Frank Nothaft in a press release.
Source: National Mortgage News