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Home equity rises solidly in 2017


Rising home prices translated into another year of solid home equity gains in 2017, CoreLogic reported.

U.S. homeowners saw their equity increase by an average of 12.2 percent year, CoreLogic reported. The company estimated an overall annual gain of $908.4 billion last year.

Homeowners realized an average increase of $15,000 in home equity, the most in four years, CoreLogic said.

Gains were significantly higher in states with fast rising prices. In California and Washington state, homeowners gained an average of $44,000 and $40,000 in equity, respectively.  

“Home-price growth has been the primary driver of home-equity wealth creation,” said Frank Nothaft, chief economist for CoreLogic. “The CoreLogic Home Price Index grew 6.2 percent during 2017, the largest calendar-year increase since 2013.”

Nothaft said the gains in home equity should add $50 billion to U.S. consumption spending over the next two to three years. 


 

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