PROVIDENCE – Homes with mortgages in Rhode Island gained an average equity of $6,971 year over year in the fourth quarter of 2019, according to CoreLogic Thursday.
The national gain in that period was $7,343.
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The share of mortgages in Rhode Island in negative equity, known as underwater mortgages, was 4.3% at the end of the year, compared with a 3.5% negative equity share nationally.
“The number of underwater homes in the United States has fallen to the lowest level since the Great Recession. In general, Western states and those in the mid-Atlantic region are registering strong gains, compared to states in the Northeast and upper Midwest,” said Frank Martell, president and CEO of CoreLogic. “With unprecedented low rates and constrained supply, the housing market should continue to do well. Viewed against the backdrop of the recent stock market volatility, steady gains in home equity are a welcome source of stability.”
New England negative-equity rates and year over year equity gains:
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- Connecticut: 7.1%, having an average equity gain on $4,667
- Massachusetts: 3.3%, having an average equity gain of $14,076
- New Hampshire: 3.5%, having an average equity gain of $14,475
Maine and Vermont were not included in the report. Both New Hampshire’s and Massachusetts’ year-over-year equity gains ranked in the top 10 in the nation.
The full report may be viewed online but may require free registration.
