While home values have increased steadily in the Dallas area over the past several years, a new CoreLogic report found that since last summer the average gain in home equity for homeowners in Dallas is more than $13,600. More good news – the percentage of Dallas-area residents who are upside down in their mortgage is only 1.2%!
CoreLogic found that homeowners in the Fort Worth area may be feeling a little wealthier as their average home equity gain over the last year was $14,781. In 2010, nearly 17% of homeowners in the Dallas area with a mortgage were upside down with negative equity.
Across the state, home equity gains ending the second quarter for a one-year time period averaged $11,000. CoreLogic estimated that fewer than 10,000 Dallas-area homeowners with a mortgage had loans valued higher than their properties, while mortgage firm Lending Tree estimated approximately a third of homeowners in the area have no debt on their properties.
The report found that that California and Washington had the largest home equity gains at $49,000 and $41,000 respectively.
Prices have risen by nearly 50% over the last five years in North Texas, however increases have slowed overall over the last few months in the Dallas-Fort Worth area.
As North Texas continues to flourish and new businesses come in, more people are flocking to the Dallas-Fort Worth area than ever before. Employment, education, diversity, a rich culture, safe, family-friendly communities, it’s all here! If you’re looking to buy or sell a home in the area, contact Team Nelson today.