Home Owners Experiencing Equity Growth
Roseville, CA,- Being a home owner is paying off. The average homeowner in the United States experienced an increase in of almost $16,200 in the past year. According to recent report by CoreLogic, this is a annual increase of 12.3 percent from the previous year and demonstrates rising home prices.
In California the average increase in equity for homeowners is shown at $48,000 which is the highest in the country. Although probably not has high in the Sacramento area it does indicate equity is growing quickly.
According to the report the first half of the year and the low inventory put a good deal of upward pressure on home prices as competition among buyers was high. The increases in prices should slow down as more homes come on the market. We are already seeing homes staying on the market longer and fewer multiple offer situations.
Increasing equity is good news for homeowners. It can be used as collateral to borrow against if you want to make improvements or have other needs for cash. At the same time it is not great news for people looking to buy a home this year.
Highest growth of equity
Although California had the highest growth of equity, Washington, Nevada at $41,100 and $32,193 were not far behind. The eastern part of the country was led by Massachusetts at $23, 527. There were only three states with declines. They were Louisiana ($1,078), Connecticut ($910) and North Dakota ($773).
Owning a home, especially here in California is paying off in increased equity with some properties increasing in value more than some people earn in a year.
