“In the span of just three months, U.S. mortgage holders saw a total of $1.3 trillion in newly acquired equity evaporate,” said Ben Graboske, President of Black Knight Data & Analytics. “That is–by far–the largest quarterly decline on record by dollar value and since 2009 on a percentage basis.”
Additionally, Black Knight’s Home Price Index shows that median home prices fell 0.52% in September, continuing a three-month streak of declines. However, it slowed at half the pace of the prior two months. Also, despite price corrections, home values in the nation’s 50 largest markets remain elevated by anywhere from 19% to 66% since the start of the pandemic.