Corelogic®, the leader in providing global property information, has released a 2017 quarter 3 report on homeowner equity showing that homeowners have gained an average of $14,888 of lost equity back in their homes nationally.
If you are a homeowner who is what we call “underwater” on your mortgage because you purchased your home for more than it is worth now, you might find your head above water possibly this year. Depending on what part of the country you live in some homeowners are gaining more value.
Reviewing the Corelogic® report shows that South Carolina has a 4.1% negative equity share when compared nationally. The same Homeowner Equity Report also shows that South Carolina has had a $8,554 average equity gain when compared nationally. South Carolina is also showing the percentage of homes with significant equity at 81.9% statewide when compared nationally. The numbers are current as of October 2017.
Corelogic’s Chief Economist Frank Nothaft states that the increase in equity is a result of the increase in home prices which in turn drive up home values.
In additional Corelogic® is projecting growth for January 2018. Here is a quick video from Frank Nothaft, Chief Economist on his outlook.
Metro areas across the national with more available land and less building restrictions are the ones gaining in the real estate market. Home builders are gaining in confidence that they can build and not lose profits on homes. With the way Greenville is growing, I expect our real estate market and home values to continue to increase throughout 2018. Keep an eye on my monthly newsletter where I put in numbers for homes sold for each previous month.