Homeowners with mortgages gained $2.9 trillion in equity in the second quarter of 2021, a 29.3% year-over-year increase, according to a new report by CoreLogic released Wednesday. This marks an average gain of $51,500(!) per borrower since the second quarter of 2020.
The amount of equity for a property is determined by comparting the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is less than the estimated value, the property is determined to be in a positive equity position and if the MDO is greater, then the property is determined details ⇒
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