Boston Real Estate
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Boston real estate equity
In a year that was financially devastating for many Americans, some good news for most homeowners is the dramatic gain in home equity over the last twelve months. Last week, CoreLogic released its 2020 3rd Quarter Homeowner Equity Insights report, which reveals four major findings:
Homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019.
As home-sale prices rise, so does the net equity holdings of homeowners — and, boy, has it grown in recent months.
Since 2011, the net home equity holdings of Americans rose by $1.7 trillion. But $500 billion of that growth occurred in just the past three months alone.
To give you an idea of how important that is to the economy, let’s say that various homeowners borrow 10 percent against that last $500 billion over the course of the next year. That’s $50 billion pumpings through the economy — and much of it through the home-remodeling industry in particular — that wasn’t there before. In turn, that means more architects, designers, contractors, carpenters, electricians, etc. working.
The Globe recently did a big story on how the remodeling industry is recovering fast in Greater Boston. Not all of it is driven by borrowing. Still, a healthy housing market, not surprisingly, leads to more confident homeowners willing to re-invest in homes
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Updated: Boston Real Estate 2021