Homeowners now have less equity than a year ago, the first annual decline in a decade
The average US homeowner saw their home equity decline year over year for the first time since the first quarter of 2012, in the aftermath of the housing crisis and Great Recession.
In total, homeowners with a mortgage cumulatively lost $108.4 billion in home equity since the first quarter of 2022, about a 0.7% drop. On Thursday, the National Association of Realtors said prices for existing homes fell in 3.1% May, the largest annual decline in since late 2011.
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