Source: Realtor —
Americans have more equity in their homes than ever before.
Total U.S. home equity increased almost 20% in the first quarter to $27.8 trillion, a record high, according to the Federal Reserve.
The increase is another consequence of a red-hot housing market. Double-digit price gains have driven some would-be homeowners out of the market. At the same time, rising home values are boosting the finances of the Americans who already own them.
Still, rising rates have made it more expensive for homeowners to use that equity, the difference between the market value of a property and the mortgage balance.