Homeowners’ net-equity holdings soared by $2.2 trillion between the third quarter of 2012 and the third quarter of 2013, according to new data collected by the Federal Reserve.
This is a record rebound for a 12-month period.
A new research study released by CoreLogic, a real estate and mortgage data firm, estimated that 791,000 homes moved from negative to positive equity status during the third quarter of 2013 alone, and more than 3 million have done so since the beginning of 2013.
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Though 6.4 million homes continue to be underwater on their mortgage debt — 13 percent of all homes with a mortgage — that is down from 7.2 million (nearly 15 percent) as recently as the end of the second quarter.
The gains are crucial because as more homeowners get out from underwater, they can sell without bringing money to the closing table, borrow against their homes to help pay for home improvements and other expenses, or refinance their mortgages.
