Real Estate Insider Blog

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12
Jan
2017

Are Home Prices Increasing in the Tampa Bay Area?


The aggregate amount of equity in U.S. residential homes has more than doubled since 2011, the result of 40 percent price appreciation nationwide during that time.

Even with that much of an increase in home equity — which hit a trough of $6.1 trillion in June 2011 but by June 2016 had risen to $12.7 trillion — there is still plenty more equity to be regained while home price appreciation continues over the next year, according to CoreLogic's U.S. Economic Outlook for October 2016.

"We project the national CoreLogic Home Price Index will rise another 5 percent in the coming year, helping to boost home-equity wealth by close to $1 trillion," CoreLogic Chief Economist Frank Nothaft said. "In turn, this wealth gain should add to consumption spending and contribute to economic growth in 2017."

According to CoreLogic's most recent Home Equity Report released in mid-September, more than half a million (548,000) homeowners regained equity in the second quarter of 2016, bringing the total of residential homes with equity to approximately 47 million (93 percent). This left approximately 7 percent, or close to 3.6 million homeowners, in negative equity.

"We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index," said Anand Nallathambi, president and CEO of CoreLogic. "Assuming this growth is uniform across the U.S.,...








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