U.S. home equity level are gaining at fastest rate in 60 years

Miami /
Jun.June 14, 2012 02:15 PM

The gain can be attributed to a combination of falling home prices, stricter lending standards and homeowners putting more down on their homes in an effort to refinance, according to Bloomberg. Residential mortgage debt has fallen 7 percent from its 2006 peak of $10.6 trillion, and the value of properties has decreased 23 percent in that time.

Other factors helping homeowner equity levels are the slow yields in the stock market, which have more borrowers putting money into their mortgages, the increased desire for home security amid falling national income gains and borrowers increasingly opting for shorter-term loans. The average mortgage term fell to 27 years in April, compared to 29 years in February, as more borrowers opt for 15-year loans. [Bloomberg]


Related Articles

arrow_forward_ios
Photo illustration of Ron DeSantis (Getty, iStock)

DeSantis announces $250M rental, mortgage assistance fund

DeSantis announces $250M rental, mortgage assistance fund
Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida extends freeze on evictions and foreclosures to July

Florida extends freeze on evictions and foreclosures to July
Governor Ron DeSantis (Credit: Eva Marie Uzcategui/Getty Images)

Florida governor extends freeze on evictions, foreclosures

Florida governor extends freeze on evictions, foreclosures
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida governor freezes evictions and foreclosures for 45 days

Florida governor freezes evictions and foreclosures for 45 days
South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality
From left: Edgardo Defortuna, Stephan Burke, Ron Shuffield, Ana Bozovic, Carol Cassis, and Mark Zilbert

South Florida’s residential sales shift to virtual reality as business slows

South Florida’s residential sales shift to virtual reality as business slows
Sen. Rick Scott

Sen. Rick Scott calls for nationwide moratorium on rent, mortgages and utilities

Sen. Rick Scott calls for nationwide moratorium on rent, mortgages and utilities
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...