Zillow reports 53% of U.S. homes lost value over the past year, the highest since 2012, even as only 4.1% are worth less than their last sale.
What happens to housing in a recession? Keeping Current Matters and Realtor.com data show that home prices rose in four of the last six recessions, while mortgage rates fell every time.
CoreLogic released its quarterly Homeowner Equity Insights report for Q1 2024, which shows a 9.6% year-over-year increase in total homeowner equity, along with a 2.1% quarterly decline and a 16.1% annual decline in negative equity.
Black Knight released its August 2023 Mortgage Monitor Report, showing a record high home price index (HPI), with new highs in 60% of U.S. markets. Annual home price growth rose to +0.8% in June, driving up homeowner equity to within 3% of 2022 peaks.
According to a Redfin report, if home prices decline over the next twelve months, only a small percentage of homeowners would be underwater on their mortgage, making a foreclosure crisis highly unlikely.
According to ATTOM’s Q3 2022 U.S. Home Equity & Underwater Report, homeowner equity continues to grow while the share of homes considered “seriously underwater” has decreased.
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