Homeowners who have a mortgage saw their home equity increase by $428 billion, on a year over year basis, the highest ever recorded, according to a CoreLogic analysis. Home equity has doubled since the 2008 financial crisis.
“Combined with low mortgage rates, this rise in home equity supports spending on home improvements and may help improve balance sheets of households who could take out home equity loans to consolidate their debt,” said Frank Nothaft, chief economist at CoreLogic.