American Homeowners Lost $1.3 Trillion in Home Equity in the Third Quarter
In the third quarter, the market lost $1.3 trillion, or 7.6 percent in equity, as home values nationwide began to fall. This marked the largest quarterly decline on record, according to Black Knight, a mortgage software and analytics company.
Following the unprecedented real estate boom of the last two years, signs of a slowing housing market are beginning to emerge.
According to Ben Graboske, president of Black Knight, homeowner equity contracted at a record rate in the third quarter after peaking in the second quarter of this year.
“In the span of just three months, U.S. mortgage holders saw a total of $1.3 trillion in newly acquired equity evaporate,” Graboske said in a statement….