PROVIDENCE – Homeowners with mortgages in Rhode Island saw an average equity gain of $52,600 in the fourth quarter of 2021 compared to the previous year, according to CoreLogic Thursday.
Nationally, homeowners saw an average equity gain of $55,400 year over year in the fourth quarter, a 29.3% increase, attaining a combined $3.2 trillion in equity. CoreLogic noted that mortgaged properties account for roughly 63% of all properties nationwide.
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In Rhode Island, the negative equity share was 1.8% in the fourth quarter of 2021. The year before, the share of Rhode island homeowners with underwater mortgages in the fourth quarter was 2.64%.
Nationally, the share of underwater mortgages was 3.5% in the quarter, the lowest share in at least 12 years and a decline from 1.8% one year.
“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth,” said Frank Nothaft, chief economist for CoreLogic. “For low-and moderate-income homeowners, home equity has historically been a major source of wealth”
Rhode Island had the second-largest equity gain year over year in New England.
Other New England states’ mortgage equity data:
- Massachusetts: Homeowners saw an average equity gain of $54,500 year over year. The state’s negative equity share was 1.6%.
- Connecticut: Homeowners saw an average equity gain of $44,600 year over year in the quarter. The share of negative equity was 1.8%.
- New Hampshire: Homeowners saw an average equity gain of $51,200 year over year. The share of underwater mortgages was 1.8% in the fourth quarter.
- Maine: Homeowners saw an average equity gain of $30,400 year over year. The state’s negative equity share was 1.6% in the fourth quarter.
- Vermont: Mortgage equity data was not available for Vermont for the fourth quarter of 2021
Nationally, Hawaii, California and Washington experienced the largest average equity gains at $128,300, $117,000 and $95,500 respectively. Meanwhile, North Dakota and Washington, D.C., experienced the lowest average equity gain in the fourth quarter of 2021 at $16,800 and $11,100 respectively.
California-based CoreLogic provides financial, property and consumer information, analytics and business intelligence. The full report can be viewed here.
