The housing market has slowed down this year. Mortgage rates increased from record lows, buyer demand calmed, and home price increases have begun to moderate. But while market conditions have definitely shifted, it’s still a good time to be a homeowner. In fact, according to one recent analysis, homeowners continued to gain near-record equity during the second quarter of this year. The numbers – from CoreLogic’s Homeowner Equity Insights report – show average homeowner equity increased $60,000 from last year at the same time. Selma Hepp, interim lead of the office of the chief economist, says the gains put homeowners in good position. “For many households, home equity is the only source of wealth creation,” Hepp said. “As a result, recent record gains in equity and record declines in loan-to-value ratios will provide many owners with a financial buffer in case economic conditions worsen. In addition, record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.” (source)
