More than 834,000 homeowners with a mortgage joined the ranks of equity rich last year. That brings the total number of U.S. homeowners with a mortgage who owe the bank considerably less than they could sell for to 14.5 million.
A home is the largest asset for most Americans. Not only is it where you live and make memories, tapping into a home’s equity may provide the funds to cover large expenses with reasonable terms.
According to most of the homeowners surveyed by Bankrate.com, about 74 percent think making home repairs is an acceptable reason to borrow against home equity, with fifty-seven percent saying it’s the best reason.
“The longtime homeowners and the homeowners who bought near the bottom (of the market) have both seen a huge increase in the equity that they have in their homes,” Daren Blomquistar of Attom Data Solutions told WTOP.
The nation’s most expensive housing markets are where there are the most equity rich homeowners, presumably because owners before the market crash have benefited from the huge run-up in prices in those markets. Find out how many homeowners in the D.C. area are equity-rich and how many are underwater.
Recreating the District in video game form was no small task. Here's how the developers did it.