In September, home prices increased by 0.02% according to CoreLogic, slightly below the expected 0.1% rise. Year-over-year, prices are up 3.4%, a bit lower than last month’s 3.9%. CoreLogic predicts a 0.1% dip in October, with a 2.3% increase over the next year. The Case-Shiller Index, another key report, shows slightly stronger growth.
Black Knight reports a 0.14% rise in September, with a 2.9% year-over-year increase, down from 3%. U.S. homeowners hold $17.2 trillion in total home equity, with $11.2 trillion as “tappable” equity. On average, homeowners have about $319,000 in equity and $207,000 of that can be used if needed. High interest rates are leading some to avoid borrowing from their equity, but cash-out refinancing might be beneficial for consolidating high-interest debts.
Sources :
By: Jon Iacono