ROARING 20S: Homeowners $2 trillion richer… Penthouse sales sky-high in NYC again…

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Homeowners got $2 trillion richer during the first three months of the year

  • 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.

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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.

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Penthouse sales are sky-high in NYC again: $13.9M to $29.5M

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.

 

 

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