Home Owners Should Feel Twice as Rich

Daily Real Estate News | Tuesday, November 01, 2016

Thanks to rising home prices, home owners are getting richer, a new study says. The amount of homeowner equity has doubled in the last five years, according to CoreLogic’s latest Home Price Index and HPI Forecast for September 2016.
"Home equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices," says Frank Nothaft, chief economist for CoreLogic. "Nationwide during the past year, the average gain in housing wealth was about $11,000 per home owner, but with wide geographic variation."
Home owners in several markets across California, Washington, Oregon, Colorado, and Utah are seeing some of the most growth, with double-digit home price gains.
Home owners nationwide likely are to see even more equity in the coming months, too.
“Home-price growth creates wealth for owners with home equity,” says Anand Nallathambi, president and CEO of CoreLogic. “A 5 percent rise in home values over the next year would create another $1 trillion in home equity wealth for home owners.”
Source: CoreLogic and “Home Owners Twice as House Rich as Five Years Ago,” CNBC (Nov. 1, 2016)

Comments

5 Driveway Designs to Drive Up Your Homes Value

1. Pavers: Driveways with pavers are often found in the village area's of Boston, Rhode Island and Coastal communities like Pocasset, Cataumet and Monument Beach. Very durable and many colors to choose from. This design often reminds me of Paul Revere days with candle light, lanterns and horses. 2. Brick: Brick is bold, beautiful and long lasting. Brick has multiple uses and can be combined to match your homes exterior. You do have the ability to change the color to give a custom look to your design. A quick stop at Pocasset Hardware will provide you with a color key and guide to all the paints available to make your driveway stand out from your neighbors. 3. Sea Shells: A crushed seashell driveway adds character to your coastal home. There is a little bit of a smell at first when laying the over your driveway, however in time you will loose the smell and gain a beautiful ...

VA Mortgage Loans - A Look at the Pros and Cons

If you're a veteran or on active military duty, you’ve likely heard of a Veterans Affairs (VA) mortgage loan and are wondering if it’s a good choice for you. You could also be eligible for a VA loan if you’re the spouse of a military member who passed away while on active duty. A fundamental difference with VA loans is that the VA guarantees the loans made by lenders, but doesn’t lend money. The VA’s backing for private financial institutions serves as insurance against losses if a borrower defaults on a loan. Is a VA mortgage loan right for you? Here are some pros and cons to help you evaluate: Pros: There's no need to be a first-time buyer, and if you've used this benefit in the past, you can use it again on a future home purchase. You could qualify for a Bourne VA loan with 100% financing, and no Private Mortgage Insurance (PMI); which is required on conventional loans if your down payment is less than 20%. With a conventional or an FHA loan, you'...

33 ways to make your home energy-efficient

Not too long ago in our country's history, talking about making your house "greener" might get you labeled a hippie tree-hugger. But times change, and as gas, electricity, and water prices creep up, more and more homeowners are seeing the (strong) advantages that come with considering the environment when you make decisions about your household. Are you interested in making your home more energy-efficient -- and saving money in the bargain? You have a lot of options, from cheap to expensive, so read on to discover whether there are some big (or small) energy-saving opportunities that you're missing. Get an energy audit Most utility companies offer an energy audit, oftentimes for free: They'll send an expert out to your house to take a look at all your appliances, your lights, your windows, your doors, and more -- then make recommendations for changes you can make that will save energy (and money) every month. If you want a personalized rundown of everything...

Cheryl Nightingale - Monarch Realty Group, LLC

Search This Blog