Homeowners Have Lost $1.5 Trillion in Equity Since May (2 min read)
US home equity dropped by 8.4%, about $1.5 trillion, since its peak in May. The equity of an average borrower is down roughly $30,000 from earlier this year. The number of homeowners underwater have also climbed up and most of them purchased their home in 2021 and 2022. In terms of home values and sales from a historical perspective, the US housing market still looks strong but that is only because it rose from record heights earlier this year.