Florida Homeowners’ Equity Increased by $1.50 Per Hour
ORLANDO, Fla. – Oct. 2, 2018 – The average Florida homeowner saw a $13,009 year-to-year equity gain in the second quarter, which is slightly less than the national average of $16,200, according CoreLogic. Overall, Florida home equity appreciated almost $1.50 an hour.
However, the state also has a notable number of homeowners who are still underwater, owing more on their home loan that the current value of their house. CoreLogic reports that 7.2 percent of Florida homes are underwater, with only one other state reporting a higher number: In Louisiana, 10.7 percent of homeowners are still underwater.
Florida’s underwater rate varies notably by location, and CoreLogic found that the Miami-Miami Beach-Kendall area has the nation’s highest level of negative home equity at 11.4 percent.
Nationwide, West Coast homeowners saw the biggest home equity gain, with California owners gaining $5.57 in equity every hour, or a total of $49,000 – the nation’s highest gain. Washington homes gained an average $41,000 in equity; Utah homes gained $32,000.
“This wealth gain will support additional consumption spending and home improvement expenditures in coming years,” says CoreLogic Chief Economist Dr. Frank Nothaft.
However, homeowners in three U.S. states lost equity over the year. Home equity in Louisiana, North Dakota and Connecticut dropped about $1,000 or 11¢ per hour.
Reprinted with permission Florida Realtors. All rights reserved.