US Homeowners Experience Mixed Results in Home Equity Over Last Year.

For the first time in over a decade, US homeowners have lost equity in their homes, with an average drop of 0.7% or $5,400 per homeowner. However, Ohio homeowners saw a $10,000 gain in equity. Home equity closely follows home prices, but is slightly different. Equity is the value of the home after the mortgage balance is subtracted. Despite the rare decline in home equity, CoreLogic Chief Economist Selma Hepp noted that the sharp rise in home prices during the pandemic has largely elevated equity in recent years.