PROVIDENCE – The average equity gain of a homeowner on a mortgage in Rhode Island was $3,555 year over year in the third quarter of 2019, CoreLogic said on Thursday.
The national average equity gain on a mortgaged home was $5,294 in that timespan.
At the end of the third quarter, 5% of all mortgages in Rhode Island were in negative equity, where a property owner owes more on their mortgage than the house is worth. The national rate for this dilemma, also known as an underwater mortgage, was 3.7% of all mortgages.
The national report also included data from Massachusetts, New Hampshire and Connecticut but did not have statistics for Vermont or Maine.
- Massachusetts: Gained an average equity of $10,363 year over year. The share of underwater mortgages was 3.5% at the end of the quarter.
- New Hampshire: Gained an average equity of $9,924 year over year. The share of underwater mortgages at the end of the quarter was 3.8%.
- Connecticut: Gained an average equity of $417 year over year. The share of underwater mortgages was 7.4% at the end of the third quarter.
The largest average equity gain in the country was in Idaho, where homeowners with mortgages saw an increase of $25,809 year over year. Of those mortgages, 1.5% were determined to be underwater.
“The negative equity share continues to decline thanks to rising home prices across the nation,” said Frank Martell, president and CEO of CoreLogic. “According to the latest HPI report, home prices increased an average of 3.5% year over year in October 2019. Out of all 50 states, homeowners in Idaho experienced the largest annual home price increase at 10.9%, while they also gained the most home equity, averaging $25,800.”
The lowest share of mortgages with negative equity was in Utah at 1.3%. The state experienced an average equity increase of $21,043 for homeowners with a mortgage year over year in the third quarter.
The full report may be viewed online but may require free registration.
