Homeowners experience significant equity gain in Q2
In today’s Daily Download episode, HousingWire covers a report from CoreLogic that claims U.S. homeowners gained over $620 billion in home equity during the second quarter of 2020.
For some background on the story, here’s a summary of the article:
U.S. homeowners with mortgages witnessed a 6.6% year-over-year increase in their equity in the second quarter of 2020 – representing a cumulative gain of $620 billion for the nation and an average $9,800 hike in equity per homeowner, according to a new report by CoreLogic.
Record-low mortgage rates and constricted sale inventory cast the perfect storm for home prices, which rose 4.3% annually through June, ultimately bolstering the increase in home equity, CoreLogic said in its home equity report.
“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures,” said Frank Martell, president and CEO of CoreLogic.
Despite recent gains, the data service provider predicts upward advancements may be mitigated by consistent unemployment and home prices will dip in concurrence with a possible jump in delinquencies.
Following the main story, HousingWire discusses a proposal from the Federal Reserve to revamp the anti-redlining rules known as the Community Reinvestment Act, or CRA, and an announcement from The Office of the Comptroller of the Currency that it has settled with three former Wells Fargo executives for their roles in the bank’s fake account scandal.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom every day. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. This podcast is hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: