Total U.S. home equity has surged to a record $27.8 trillion, according to the Federal Reserve.
The Fed report showed an increase of nearly 20 percent in the first quarter of 2022, the Wall Street Journal reported.
The uptick is a by-product of a scorching housing market. Data from real estate analytics firm CoreLogic indicated that home prices nationwide increased 20.9 percent year-on-year in April, while no states posted an annual decline in home prices.
According to Zillow’s home value index, which analyzes homes in the mid-tier price range, the average home value in the United States is presently just under $350,00.
Freddie Mac, the federal home loan mortgage corporation, attributes soaring house prices to low mortgage rates, limited supply and increased migration to the South and West….