-more-->The report analyzes the U.S. housing market’s impact on the 121-month economic expansion–the longest in the nation’s history. It examines the housing economy and looks at the growth of gross domestic product (GDP), unemployment rates and housing activity from June 2009 through July 2019.

Key Takeaways include:

• The percent of homes with negative equity went from 25.9% in Q1 2010 to 4.1% in the Q1 2019.
• Total home equity hit a record of $15.8 trillion at the end of Q1 2019. That's up from $6.1 trillion in the Q1 2009.
• Between Q1 2010 and Q1 2019, the average equity per borrower increased from approximately $75,000 to approximately $171,000.
• Since 2010, the housing flip rate has increased significantly. In Q1 2018, the number of properties bought and sold again within a two-year period reached its highest point at 11.4%.
• Since June 2009, home prices and rents have continued to grow. Through May 2019, home prices increased a cumulative 50% and single-family rents increased 33% in the U.S.

Rising employment rates typically have a positive impact on the housing economy as it can lead to an increase in potential home buyers and a decrease in negative equity (often referred to as being underwater or upside down). In Q1 2010, 25.9% of the total number of mortgaged residential properties in the United States were in negative equity. As the market has improved over the past decade, this share dropped to 4.1% in Q1 2019.

A strong economy and an increase in total home equity helped to reduce the negative equity share. Total home equity reached a record of $15.8 trillion at the end of Q1 2019, up from $6.1 trillion in the Q1 2009.

“During the last nine years, the expansion has created more than 20 million jobs, raised family incomes and rebuilt consumer confidence,” said Frank Nothaft, chief economist at CoreLogic. "The longest stretch of mortgage rates below 5% in more than 60 years has supplemented these factors. These economic forces have driven a recovery in home sales, construction, prices and home equity wealth.”

Download the full report here.