CoreLogic’s latest Equity Report revealed that 91.1% of all mortgaged properties are now in a positive equity situation, while 75.9% now have significant equity at more than 20%! The report also revealed that 548,000 households regained equity in the second quarter of 2016 and are no longer under water.
Price Appreciation is Great News for Homeowners
Frank Nothaft, CoreLogic’s Chief Economist, explains:
“Home-value gains have played a large part in restoring home equity . The CoreLogic Home Price Index (HPI) for the U.S. recorded 5.2 percent growth in the year through June, an important reason that the number of owners with negative equity fell by 850,000 in the second quarter from a year earlier.”
Anand Nallathambi, President & CEO of CoreLogic, believes this is a great sign for the market in the coming year as well, as he had this to say:
“We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index. Assuming this growth is uniform across the U.S., that should release an additional 700,000 homeowners from the scourge of negative equity.”
This is great news for Reno real estate as homeowners with more than 20% equity in their home would be able to use that equity as a down payment on either a larger home, or even a retirement home.
If you own a home in Reno or any of the surrounding areas and are unsure of how much equity you have in your home, call Marshall Realty’s local real estate experts today at (775) 787-7400! We can help if you are interested in buying a Reno home or selling your house. Reno real estate can be tricky. Our team of local experts will help you sell your home for the best price possible.