Homeowners Gain Equity in Q2 of 2020, Despite COVID-19 Pandemic

According to a new report from CoreLogic, Inc., the Irvine California based corporation that provides financial, property, and consumer information analytics and business intelligence, homeowners are gaining wealth during the COVID-19 pandemic. The average homeowner gained about $9,800 in equity year over year in the second quarter. In a prepared statement, Frank Martell, president and CEO of CoreLogic said, “Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures. Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.” According to the report Montana had the highest year-over-year average increase of $28,900 in the second quarter. Idaho, Washington, and Arizona followed with $21,000 and $20,000 in equity, respectively.