Equity increased by 4.8% for homeowners with a mortgage in the second quarter, a gain of almost $428 billion, according to CoreLogic. That’s an average of $4,900 per borrower.
“Borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started,” said CoreLogic’s chief economist, Frank Nothaft, in a statement. “Combined with low mortgage rates, this rise in home equity supports spending on home improvements and may help improve balance sheets of households who could take out home equity loans to consolidate their debt.”
