Equity Rich Homes On The Rise
Summary
"Homeowners continue to benefit from rising home prices," Rick Sharga, executive vice president of market intelligence for ATTOM, said. "Record levels of home equity provide financial security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008. According to the report, while market analysts generally are predicting a slowdown this year, the most recent gains happened as a glut of home buyers kept chasing the tight supply of properties for sale, which kicked prices up even higher. The market remains strong amid an ongoing combination of rock-bottom mortgage rates and a desire of many households to trade life in congested virus-prone locales for the wider spaces afforded by a house and yard. "Rising interest rates, the highest inflation in 40 years, and the ongoing supply chain disruptions due to the war in Ukraine are likely to weaken demand and slow down home price appreciation."