Since the onset of the pandemic, average equity per borrower increased by about $117,000 nationally, totaling almost $312,000 per mortgaged borrower.
Home equity now increasingly belongs to homeowners themselves, a sharp turn from the post-Great Financial Crisis era when homeowners were largely underwater.
The cumulative jump in home prices at 47% nationally during the pandemic has driven most of the increase in home equity.
Home price gains have remained relatively robust despite rising mortgage rates and inflation pressures, with annual equity increase of almost $22,000 per mortgaged borrower in Q3 2023.
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