Tuesday, June 12, 2018 10:25:35 AM
The correlation of increasing home prices and lower loan claims has been a sweet spot for MGIC INVESTMENT since they started their business in 1950s.
Presently, MGIC is reporting more cure percentages year over year, as ho.e prices continues climbing:
MORTGAGE NEWS DAILY REPORTS:
JANN SWANSON
Record High Equity Thanks to Mortgage Credit Demographics
Jun 11 2018, 1:36PM
As the value of residential real estate rises with home prices, so has the owner's equityshare of that value. Jing Fu, writing in the National Association of Home Builders' (NAHB) Eye on Housing Blog, says that equity hit a new high in the first quarter of this year.
Fu uses figures from the Federal Reserve's Board of Governors' Financial Accounts of the U.S. to show the overall nominal, non-seasonally adjusted value of owner-occupied housing units in the nation grew to $25.1 trillion during the quarter. This is an increase of $544 billion from the total in the fourth quarter of 2017 and $1.674 trillion more than the first quarter of last year.
At the same time, the growth of mortgage debt fell negative in 2008 and remained so until early 2015. It has risen only modestly since then. Its was estimated at $10.1 trillion in Q1 2018, up $280 billion year-over-year. This enabled owners' equity, the difference between debt and value, to rise by $1.4 trillion since the first quarter of 2017, reaching $15.0 trillion, a new record high in the same quarter of 2018. As a percentage of value, owner equity increased to 59.7 percent from 58.9 percent in the fourth quarter of last year."
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