$1-trillion gain in equity for homes in state
California homeowners have enjoyed a $1-trillion increase in home equity since 2000, according to a new report by the California Building Industry Assn.
Those who owned a single-family home since 2000 reaped a median equity gain of $230,386, while condominium owners enjoyed a median gain of $200,544.
“For a person who owned a single-family home in the year 2000 and bought that home with a 15% down payment, the return on equity would be about 1,000%,” said the trade group’s chief economist, Alan Nevin, in a statement. The 2.5 million homes purchased since 2000 have seen an increase in value of $378.69 billion, while the 4.3 million homes owned but not sold increased in value by $641 billion.
From Times wire reports
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