Homeowners Keep Getting Richer and Richer
Homeowners with mortgages have seen their equity increase 12.2 percent year over year, according to CoreLogic’s newly released Home Equity Report. Homeowners gained more than $15,000 in home equity between the fourth quarter of 2016 and the fourth quarter of 2017—the highest growth in home equity in four years, according to the report. Western states saw the largest increases.
“Home-price growth has been the primary driver of home-equity wealth creation,” says Frank Nothaft, chief economist for CoreLogic. “Because wealth gains spur additional consumer purchases, the rise in home-equity wealth during 2017 should add more than $50 billion to U.S. consumption spending over the next two to three years.”
Meanwhile, the number of borrowers who are in a negative equity territory is decreasing. The total number of mortgaged homes in negative equity—those who owe more on their mortgage than their home is currently worth—dropped to 2.5 million homes, or 4.9 percent of all mortgaged properties in the fourth quarter of 2017.
“There are wide disparities in home-equity gains by geographic area, with higher-priced, capacity constrained markets along the East and West Coasts registering the largest increases,” says Frank Martell, president and CEO of CoreLogic. “The average homeowner in California and Washington had a wealth gain of about $40,000, reflecting the high price of homes in California and the rapid appreciation in Washington. In contrast, the average owner in Louisiana had little change in their housing wealth during 2017, given much lower prices and modest price growth.”
About Empire Appraisal Group, Inc.
Establish in 2005, Empire Appraisal Group, Inc., is Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times. When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience. Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 7,000+ appraisals to his credit.
We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.
We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.
In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.
Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298. Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.
We provide residential appraisal services to all cities in Broward County: Parkland, Coral Springs, Coconut Creek, Dania Beach, Cooper City, Davie, Deerfield Beach, Fort Lauderdale, Sunrise, Hallandale Beach, Hillsboro Beach, Hollywood, Lauderdale by the Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miramar, North Lauderdale, Oakland Park, Pembroke Pines, Plantation, Pompano Beach, Sea Ranch Lakes, Tamarac, Weston, Wilton Manors.