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The S&P CoreLogic Case-Shiller National Index shows that U.S. prices of single-family homes continue to rise. The national index in October reaches a new high while it is up 5.6 percent from a year earlier. But what does this mean for homeowners?
Home prices affect the wealth of homeowners. As the price of housing increases, the wealth of homeowners increases as well. Based on the above increase of home prices, it is estimated that owners’ equity[1] was increased by $351 billion. Thus, it seems that 75 million homeowners gained $4,680 from a year ago.
[1] Home equity is the difference between the value of one’s home and the amount of mortgage debt on the home.
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