Hot housing market fuels a rise in homeowners’ equity

LOS ANGELES (AP) — The red-hot U.S. housing market is paying off for many homeowners, even those who aren’t looking to sell their home. Real estate information company CoreLogic says,  on average, homes with a mortgage gained $26,300 in equity over the last three months of 2020 versus a year earlier. That average gain in home equity is the highest since 2013, the firm says. CoreLogic says homes with a mortgage account for about 62% of all U.S. properties. Taken together, the home equity for those properties surged in the fourth quarter to more than $1.5 trillion, an increase of 16.2% from a year earlier.