PROVIDENCE — U.S. homeowners with mortgages had equity increases in the third quarter of 2020 of nearly 11%, according to CoreLogic, a national real estate data firm. Nationally, that was an average of $17,000 per home, the highest rate of equity increase in six years.
The figures reflect the booming housing market across the country, despite the COVID-19 pandemic and job losses for millions of Americans, according to CoreLogic. Equity is defined as the difference between what a home is worth, less the amount owed on the mortgage.
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The equity boost in the third quarter represents about $1 trillion across the U.S. compared to the third quarter of 2019, the firm reported.
In Rhode Island, the average homeowner with a mortgage had an equity increase of $29,100 this year for the third quarter, the fourth-highest amount in the country.
Only Massachusetts, California and Washington homeowners had more equity increases by dollar figure.
The data only includes properties with mortgages, which represent about two-thirds of the market.
Mary MacDonald is a staff writer for PBN. Contact her at macdonald@pbn.com.
