Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans, brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.
Measured as a share, rather than in dollars, homeowner equity was 41 percent of U.S. residential property value in the first quarter, including homeowners who don’t have mortgages, according to the Fed study released last week.
The last time the share was that high was in the third quarter of 2008 when it was 43 percent.
June rise in Median price highest in almost four years
The median price of an existing single family home rose in June to the highest level since almost four years, the fifth straight month-month gain, the National Association of Realtors (NAR) reported July 18, 2012. The median price was up 7.9 percent from June 2011
The median price of an existing home climbed 5.0 percent from May to its highest level since October 2008 when it was $186,400. The median price is up 7.9 percent in the last year, the strongest year-year increase since February 2006 when it showed an 8.3 percent year-year increase. The median price has shown a year-year gain for four straight months for the first time since mid-2006.
DSN News, July 19,2012