Homeowner Wealth On The Rise
December 8, 2016
According to two reports, one from the S&P/CoreLogic and another by ATTOM Data Solutions, owner of RealtyTrac, homeowner wealth in the United States has more than doubled from $6.1 trillion in 2011 to $12.7 in 2016. In contrast, the number of homeowners who are significantly behind on their mortgage is currently 6 million, half of what it was in 2012 when the number of owners who were seriously “underwater” with their mortgage numbered 12.8 million. “Equity Rich” Homeowners now number at about one in every five Americans, “Equity Rich” meaning to have a loan-to-value ratio of less than 50%. The cause for this trend is due to homeowners staying in their homes longer, at an average of 7.94 years, and median home prices have risen for the eighteenth consecutive quarter on a year-over-year basis.