State’s Home Equity Is Growing by Billions
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Homeowners in the Golden State are apparently racking up golden amounts of home equity.
The value of California’s housing stock is increasing by close to $20 billion each month. Figured annually, the amount roughly equals the gross domestic product of Belgium.
California’s 7 million homes were valued at $1.77 trillion in August, up 9.9% from $1.61 trillion a year ago, according to Axciom/DataQuick.
During the 1980s, values were going up more than 20%, but they dropped at an annualized rate of 6% from 1992 to 1994.
Though some California homes still have not regained their pre-recession value, most of them have, and the current value of the state’s housing stock is the highest on record.
Axciom/DataQuick monitors real estate activity nationwide and provides information to consumers, lending institutions and industry analysts.
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