- Homeowners with mortgages saw their equity jump by 20% in the first quarter from a year earlier.
- This represents a collective cash gain of close to $2 trillion. Per borrower, the average gain was $33,400.
- Record-low mortgage rates for much of last year only added to the buying frenzy and helped fuel the price gains.
Homeowners are getting richer and richer as prices keep soaring – and the numbers are staggering.
Those with mortgages — about 62% of all properties — saw their equity jump by 20% in the first quarter from a year earlier, according to CoreLogic. This represents a collective cash gain of close to $2 trillion. Per borrower, the average gain was $33,400.
The massive gain is thanks to soaring home prices, which CoreLogic said were up over 11% in March, the end of the quarter, from a year earlier. That’s the sharpest gain since 2006. Prices rose an even stronger 13% in April.
Gotham penthouse sky pads are having a moment.
Penthouse 88A at 15 Hudson Yards, which hit the market last December, is in contract, Gimme can exclusively reveal.
It was last asking $29.5 million.
At the same time, PH39 at 520 W. 28th St, the Zaha Hadid-designed building on the High Line, is also in contract.