About 256,000 U.S. homes regained equity in the third quarter of this year, bringing the total number of residential properties with equity to about 46.3 million, according to CoreLogic’s latest report. That equates to about 92 percent of all mortgaged homes.
The number of residential properties in negative equity dropped to 8.1 percent, or 4.1 million, in the third quarter, down 20.7 percent year-over-year, according to CoreLogic’s report. Negative equity refers to properties where borrowers owe more on their mortgage than their homes are currently worth.
Home prices are expected to rise at least 5 percent in 2016 and continue to build wealth among home owners in the new year, says Anand Nallathambi, president of CoreLogic.