Rising home prices, coupled with conservative borrowing, have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by 4.8% annually by the end of the second quarter.
Today's mortgage holders saw their home equity increase by 4.8% annually at the end of the second quarter. This is a collective gain of nearly $428 billion, according to CoreLogic.
Today's mortgage holders saw their home equity increase by 4.8% annually at the end of the second quarter. This is a collective gain of nearly $428 billion, according to CoreLogic. Break it down by borrower, and the average homeowner with a mortgage gained $4,900 in home equity in just one year. Just $54 billion in equity was withdrawn in the first quarter of this year. That is the lowest volume in four years and the lowest share of available equity tapped since Black Knight began tracking the metric in 2008. Less than 1% of tappable equity was withdrawn. Cash-out refinance withdrawals fell from $27.9 billion in the fourth quarter of 2018 to $27.3 billion in the first quarter of 2019, despite a steep decline in mortgage rates.
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