U.S. Homeowners Gained $3.2 Trillion in Equity, CoreLogic Says
Homeowners with mortgages gained an average of $55,300 in equity, CoreLogic said in a report on Thursday.
March 10, 2022 1 MIN
Homeowners with mortgages gained an average of $55,300 in equity, CoreLogic said in a report on Thursday.
The U.S.housing market likely could withstand a recession without a downturn in home prices, according to Jaret Seiberg, a housing policy analyst for Cowen Washington Research Group.
House hunters are contending with a shortage of available properties, as well as rising mortgage rates, NAR says in a report.
Sales of new houses in January retreated for the first time in three months as higher mortgage rates eroded buying power.
Demand for real estate is high as consumers try to buy homes before financing costs rise further, said NAR's Yun.
Existing home sales likely will total 6.41 million this year, the investment bank said in a note to clients, beating the projections of other housing forecasters.
A shortage of both new and existing homes on the market is keeping demand high among buyers, the report said.
The biggest gains were in the areas surrounding the Florida cities of Punta Gorda, with a price increase of 29% from a year ago, and Ocala, at 28%, the NAR report said.
The share of consumers who think it’s a good time to buy a home fell to a record low in January as rising mortgage rates and soaring property prices discouraged Americans.
Some shoppers have put off purchases, some have canceled, and others have moved up their buying plans, Redfin said in a report.
