On Thursday, August 8, CoreLogic [1] will release its second-quarter data on the home equity market. The report will include statistics on underwater homes as well as insights into the latest trends in home equity.
The quarterly report provides an overview of the distribution of equity across all U.S. single-family properties with a mortgage including comprehensive data from the 25 largest metro areas across the country.
CoreLogic's Q1 analysis [2] indicated that homeowners with mortgages (around 63% of all properties) saw their equity increase by a total of nearly $485.7 billion since the same period a year ago, an increase of 5.6%, year over year. While the total number of mortgages with negative equity fell 1% quarter-over-quarter, they fell 11% compared with Q1 2018 from 2.5 million homes, or 4.7% of all mortgaged properties.
The national aggregate value of negative equity was approximately $304.4 billion at the end of Q1 2019. This is up quarter-over-quarter by around $2.5 billion, from $301.9 billion in Q4 2018.
"The country continues to experience record economic expansion as illustrated by these significant increases in home equity. Albeit more slowly than in recent years, we do expect further increases in home equity to occur across the nation in 2019," said Frank Martell, President and CEO of CoreLogic.
Of the top 1o metros covered by the report, Negative equity saw a recent decrease across the country, with San Francisco-Redwood City-South San Francisco as the least challenged area with a Negative Equity Share of all mortgages at 0.67%.
Here's what else is happening in the week ahead:
- Black Knight Mortgage Monitor Report, Monday, 9 a.m. EST
- CoreLogic Home Price Index Report, Tuesday, 9 a.m. EST
- MBA Mortgage Apps, Wednesday, 7 a.m. EST
- Ellie Mae Millennial Tracker, Wednesday, 10 a.m. PST
- Freddie Mac Primary Mortgage Markets Survey, Thursday, 10 a.m. EST