US Homeowners gain 620B+ in equity in Q2, home sales surge to best levels in 14 years and more…
Market Update – Week of September 14
Existing-home sales jumped in August to the fastest pace in over a decade
According to the article appeared on Market Watch on Sept. 22, “Buyer demand remains strong thanks to record-low mortgage rates, but the tight inventory of homes for sale is posing challenges”. And “Total existing-home sales rose 2.4% from July to a seasonally-adjusted, annual rate of 6 million, the National Association of Realtors reported Tuesday. It was the fastest pace of home sales recorded since December 2006. Compared with a year ago, home sales were up 10.5%.”
Homeowners gain over $620 billion in equity in Q2
From Housewire, according to CoreLogic’s new report, US homeowners with mortgages witnessed a 6.6% year-over-year increase in their equity in the second quarter of 2020. It is a cumulative gain of $620 billion for the nation and an average $9,800 hike in equity per homeowner.
Housing market stays hot into fall with mortgage applications up 6.8%
Refinancing gained “9% last week and jumping 86% higher than the same week one year ago” and “reached a nearly two thirds share of mortgage activity last week, increasing to 64.3% of total applications from 62.8% the week prior”.