Mortgaged homes in R.I. see average Y/Y equity gain of $52K in Q1

THE SHARE of mortgaged homes in Rhode Island with a negative equity value was 2.23% in the first quarter of 2021. / AP FILE PHOTO/ROGELIO V. SOLIS

PROVIDENCE – The average equity gain per borrower of a mortgaged home in Rhode Island was $52,107 year over year in the first quarter of 2021, according to a report from CoreLogic Thursday.

Nationally, homeowners saw an average equity gain of $33,400 per borrower in that time, the report said. 

Rhode Island’s average equity increase ranked as the sixth-highest of all states in that time and was the highest in New England. 

The increase in equity also caused the share of mortgage borrowers with negative equity in the state to decline. A mortgage is considered in negative equity if a borrower owes more on their mortgage than their home is worth. CoreLogic noted, “Negative equity can occur because of a decline in home value, an increase in mortgage debt or both.”

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In Rhode Island, the share of mortgaged homes in negative equity was 2.23%, a decline from 3.89% one year prior.

In Massachusetts, the negative equity share was 2.23%, a decline from 3.15% one year prior. Homeowners with mortgages in the Bay State saw an average equity gain of $49,215 in that time.

The largest year-over-year average increase in home equity for borrowers in the first quarter occurred in Idaho, where equity gains averaged $71,000, followed by California at $70,000.

The full report may be viewed online but may require free registration.

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