Dallas Homeowners Have Gained More Equity Than the Texas Average
If you’re feeling richer this Christmas, it may be because of your house. The average Dallas-area homeowner added $5,200 in property equity — the difference between their mortgage balance and the home value — during the last year, according to a new report by CoreLogic. That’s more than the average Texas homeowner equity increase of $4,600.
U.S. homeowners have gained nearly $457 billion in property equity since the third quarter of 2018 as home values across the country have continued to rise, CoreLogic reports..
And the fewest percentage of homeowners since the recession are underwater on the debt on their properties.
“Ten years ago, during the depths of the Great Recession, more than 11 million homeowners had negative equity or 25% of mortgaged homes,” Dr. Frank Nothaft, chief economist for CoreLogic, said in the report. “After more than eight years of rising home prices and employment growth, underwater owners have been slashed to just 2 million, or less than 4% of mortgaged homes.”
It’s even less in the Dallas area, where just 1.35% of homeowners owe more than their house is worth.
Back in 2009, during the worst of the recession, more than 30% of Dallas-area homes with mortgages were underwater. In the third quarter of 2019, the Dallas area had the smallest percentage of homeowners with negative equity of any major Texas market, according to CoreLogic. The greatest share of underwater mortgages was in the Austin area.
Median home prices in North Texas have risen almost 70% since the worst of the economic downturn. And housing costs in the Dallas-area are at an all-time high...
