The Average Borrower Saw Home Equity Decline By $5,400 Year Over Year In Q1 Of 2023
Based on CoreLogic’s latest Homeowner Equity Report for the first quarter of 2023 shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) saw home equity decrease by 0.7% year over year, representing a collective loss of $108.4 billion, and an average loss of $5,400 per borrower since the first quarter of 2022.
In the first quarter of 2023, U.S. homeowners with a mortgage lost a small amount of equity year over year for the first time since early 2012, while national combined equity followed suit. As in the fourth quarter of 2022, Western states posted the largest annual home equity losses: Washington (-$74,300), California (-$59,600) and Utah (-$37,700). The equity losses in those states reflect decelerating home prices, with all three posting annual declines in February and March, according to CoreLogic’s Home Price Index.
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