Home equity grew by $2 trillion in the first quarter
CNN
Home prices have been on a tear this year, hitting record highs and pushing up homeowners' wealth.
Home equity -- the difference between the value of your home and how much you owe on your mortgage -- rose by nearly 20% in the first part of this year from last year, according to CoreLogic. Homeowners with mortgages -- about 62% of properties -- saw an equity gain of nearly $2 trillion nationally from last year, which is an average gain of $33,400 per borrower.More Related News