Rising home values are helping more home owners to find equity in their homes, according to the September Housing Scorecard from the Obama administration.
Home equity is at its highest level since the third quarter of 2008 and has risen by $860 billion since the end of 2011, according to the report. The rise in equity has helped lift 1.3 million families from being underwater, or owing more on their mortgage than their home is currently worth.
The number of home owners underwater on their mortgages has dropped 11 percent since the end of last year—from 12.1 million to 10.8 million.
With rising equity and home sales, the housing market shows continued signs of strengthening, according to the September Housing Scorecard from the Obama administration. In August, existing-home sales reached their highest level in more than two years.
“Our housing market is showing important signs of recovery—with home owner equity at a four-year high and summer sales of existing homes at the strongest pace in two years,” says Erika Poethig, acting assistant secretary at the U.S. Department of Housing and Urban Development, which releases the Housing Scorecard each month jointly with the U.S. Department of Treasury.
Source: RISMedia
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