Homeowners see slower equity gains as housing market cools

Average homeowner equity per borrower reached $298,380 in the second quarter, according to data from CoreLogic.

Sales of previously occupied U.S. homes fell in August for the seventh month in a row, according to the National Association of Realtors. Home prices, which surged around 20% earlier this year, have been rising more slowly. The national median home price rose 7.7% in August from a year earlier to $389,500, according to the NAR.

Rising homeowner equity creates a buffer for borrowers against potential financial hardship, such as job loss. And it can give homeowners financial flexibility to borrow against their equity to finance large purchases, such as home improvement projects, or pay off high-interest debt -- a powerful tool as interest rates climb on revolving debt like credit cards.

The average homeowner with a mortgage saw their equity increase by roughly $60,190 in the second quarter versus the same April-June quarter last year, CoreLogic said.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Homeowners see slower equity gains as housing market coolsHomeowner equity climbed to record highs in the first half of this year, though its rate of growth is slowing as the housing market cools.
Source: chicagotribune - 🏆 8. / 91 Read more »

Mortgage rates near 7 percent as housing market keeps coolingNew federal data to be released Thursday could show the effects of the Federal Reserve’s latest interest rate hike So more happy news? Is the Fiat system still backed by Gold? Between the republicans disinformation campaign & the Federal Reserve rate hikes, they are recking the stock market & the economy. And the republicans couldn’t be prouder of the losses & that senior citizens are going broke. Payback is coming in November.
Source: washingtonpost - 🏆 95. / 72 Read more »

Dow plunges 600 points as Apple leads broad market sell-offStocks gave back some of the sharp gains seen in the previous session. Yes The greatest economy ever
Source: CNBC - 🏆 12. / 72 Read more »

XRP Shows Explosive Price Performance, Becomes Most Profitable Asset: Crypto Market Review, September 30$XRP successfully breaks local resistance level second time this month and now aims at new highs Thee biggeest undeerground seecreet of DEFI
Source: Utoday_en - 🏆 295. / 63 Read more »