According to a new report by CoreLogic, California homeowners increased their equity by an average of $119,000 in one year. Nationwide, this comes to an increase of 31 percent.
This is especially good news for the 1.2 million homeowners who reached the end of forbearance in September, as this increase in equity is a buffer against foreclosure.
Meanwhile, most analysts see this trend continuing, although at a lower rate. Fannie Mae estimates that home prices will increase by 7.4 percent in 2022, followed by a 2.9 precent rise in 2023.