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Home-Equity Wealth Makes a Comeback - Homeowners Had, on Average, $11,000 Gain in Home-Equity Wealth Last Year

by Frank Nothaft


Home prices have risen significantly throughout the nation since the 2011 trough in the housing cycle. The CoreLogic Home Price Index has recorded a 40 percent rise in the national index since the trough, with some areas up more sharply and other markets showing a more subdued bounce back.


One outcome of the broad geographic recovery in home values has been a rebuilding of home- equity wealth for America’s homeowners. The difference between the value of one’s home and the amount of mortgage debt on the home is home equity. If you own your home – free and clear of mortgage debt – then the entire value of your home is your home-equity wealth. However, if you have a mortgage and the value of your home falls, you may have no home equity. Or worse, if the value of your home has fallen below your mortgage debt, then you have negative equity. As of mid-2016, CoreLogic has estimated that about 3.6 million homeowners, or about 7 percent of all homeowners who had a mortgage, had negative equity.



Home Equity


Across the U.S., the value of the housing stock and the amount of home-equity wealth held by homeowners have risen dramatically during the last five years. After hitting a trough in June 2011, the value of the nation’s single-family housing stock grew 40 percent by June 2016. Home-equity wealth has more than doubled during that period, rising from $6.1 trillion to $12.7 trillion (Figure 1). By rebuilding this component of household wealth, the recovery in home equity has helped support consumption spending and renovation expenditures. While estimates vary, Moody’s Analytics has estimated that for every $100 rise in housing wealth, consumption spending rises roughly two dollars.[1] In other words, a $6 trillion rise in housing wealth has lifted consumer spending by more than $100 billion during the last five years. And renovation expenditures are up as well, further contributing to economic growth.


To illustrate what this means for the average homeowner, we used CoreLogic data to calculate the average gain in home-equity wealth per mortgaged home from mid-2015 to mid-2016. Nationwide, the average gain in wealth was about $11,000 per homeowner, but with wide geographic variation (Figure 2). California, Oregon and Washington had increases of nearly $30,000 per average owner, while Connecticut, New Jersey, North Dakota and Pennsylvania had no change or experienced a decline.


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Art Basel Miami 2016

December 1 – 4, 2016

Since 1970, Art Basel’s goal has been to connect the world's premier galleries and their patrons, as well serving as a meeting point for the international artworld. Now, over forty years later, its three fairs - in Basel, Hong Kong and Miami Beach - rank as the premier shows of their kind, presenting 20th and 21st century art with a strong curatorial perspective.


Our reputation for showing high quality work has attracted leading international galleries and collectors, offering visitors the most important art from around the world.

Art Basel 2015

Coral Gables - STREETSCAPE

Miracle Mile & Giralda Avenue



The Miracle Mile and Giralda Avenue Streetscape project is underway. The goal of the project is to enhance the economic vitality of the Downtown Coral Gables district by transforming some of the City’s main commercial streets, Miracle Mile and Giralda Avenue. The improvements are intended to provide a cohesive pedestrian-friendly experience with garden areas, outdoor dining, improved lighting, way finding, public art and more.




The Miracle Mile improvements will be executed from the eastern side at Douglas Road (SW 37th Ave) to the western end at LeJuene Road (SW 42nd Ave). The Giralda Avenue improvements begin at Galiano Street on the east to Ponce de Leon Boulevard on the west.




MIRACLE MILE CONSTRUCTION – from November 21, 2016 to November 27, 2016


Block 200 – Irrigation is being finalized. Soil is being prepared for pavers.


Block 100 –Final oak trees are being installed. Irrigation, the foundation for the column lights at the crosswalks and control panels are all being installed.


Block 000- Milling on the south side (outer lane) has been completed. Excavation for new drainage and new electrical will continue this week along with the placement of structural soil for new trees. This will include the full closure of the eastbound lane (south side) of Miracle Mile from Le Jeune Road (SW 42nd Avenue) to Douglas Road (SW 37th Avenue). We will have appropriate signage advising of the detours. One lane of traffic will remain open at all times on the south side of Miracle Mile from Le Jeune Road to Douglas Road.

GIRALDA AVENUE CONSTRUCTION – from November 21, 2016 to November 27, 2016


Bridal veils are being planted on the west side of Giralda Avenue. The foundation for the column lights will be installed. A paver mockup is anticipated to be done on the southwest corner of Giralda Avenue. The street is closed to vehicular traffic; however, pedestrian access to the businesses will be maintained at all times for the duration of construction. Water barriers have been installed in order to separate the work zone and pedestrian traffic. Temporary crossings have been installed and will be relocated as construction continues.

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