Home Equity Continues to Soar: Homeowners Gained Over $1 5 Trillion in Equity in 2020, CoreLogic Reports apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
3/11/2021 08:57:00 AM
CoreLogic® . today released the Home Equity Report for the fourth quarter of 2020. The report shows U.S. homeowners with mortgages (which account for roughly 62% of all properties) have seen their equity increase by 16.2% year over year, representing a collective equity gain of over $1.5 trillion, and an average gain of $26,300 per homeowner, since the fourth quarter of 2019.
As competition for the dwindling supply of for-sale homes drove prices up, average annual homeowner equity gains in the fourth quarter of 2020 reached the highest level since 2013. For current owners, these gains have created a buffer against financial difficulties brought on by the pandemic, and enabled means for pursuing renovations as people are spending more time at home. For the broader market, home equity gains have also reduced the risk of homes falling underwater and pushing distressed sales into the market.
Bird Song of the Day
Owl Week at the Naked Capitalism Water Cooler continues. “Flammulated” is a good candidate for Word of the Day!
#COVID19
At reader request, I’ve added this daily chart from 91-DIVOC. The data is the Johns Hopkins CSSE data. Here is the site.
I feel I’m engaging in a macabre form of tape-watching, because I don’t think the peak is coming in the next days, or even weeks. Is the virus gathering itself for another leap?
Early in February, I said a simple way to compare Biden’s performance to Trump’s on vaccination would be to compare the slopes of the curves. If Biden accelerated vaccine administration, post-Inaugural slopes would get steeper. They have not. The fragmented, Federalized, and profit-driven lumbering monstrosity that we laughingly call our “health care” “system” has not responded to “energy in the executive,” but has continued on its inertial path.