The once-in-a-lifetime ascent of home prices over the past year has been hugely beneficial to homeowners, even those who might otherwise be facing foreclosure. Core Logic’s latest report shows that the equity of the average mortgaged home in the U.S. has risen by $57,000 over the past year, which lifted 1.6 million homes out from underwater status.
Those are very positive statistics, particularly for the 1.2 million borrowers whose mortgage forbearance ended in September of this year. But it’s also a bonanza for homeowners across the spectrum. With a record $9.4 trillion in tappable equity now sitting in American homes, people are realizing their gains; cash-out refi just hit a multi-year high.