For the first time in more than a decade, the average U.S. homeowner with a mortgage has less home equity than they did a year earlier.
FILE - This is a new housing development in Middlesex Township, Pa., on Oct. 12, 2022. Among the roughly 63% of U.S. homes with a mortgage, average homeowner equity per borrower was $274,070 in the first quarter of 2023, down 1.9% from the same quarter last year, according to real estate data tracker CoreLogic. FILE - This is a new housing development in Middlesex Township, Pa., on Oct. 12, 2022. Among the roughly 63% of U.S.
The last time average homeowner equity fell year-over-year was in the first quarter of 2012, when the housing market was still regaining its footing after the mortgage meltdown and ensuing foreclosure crisis that helped trigger the Great Recession. In the first quarter of 2012, it averaged $75,130. It then climbed sharply in the years that followed as rock-bottom mortgage rates and a chronic shortage of properties for sale superheated the market for homes. Prices soared, and by the second quarter of last year, average U.S. homeowner equity reached a record-high $297,510, according to CoreLogic.
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