Compared with other states, Iowa experienced the second-smallest gain in home equity from the second quarter of 2020 as of June 2021, CoreLogic reported recently.
Iowa’s average gain in home equity last quarter was $15,000, beating only North Dakota’s increase ($11,000), according to global property data provider CoreLogic’s quarterly report. California, Washington, and Idaho gained more than $90,000 in equity, on average.
Nationally, equity in mortgaged homes increased nearly $2.9 trillion (29.3%) from the second quarter of 2020 to the second quarter of 2021.
Iowa had the second-highest share of negative equity in the second quarter of 2021 on mortgaged homes, with 5.2%. Only Louisiana had a higher share, with 7.8%. Nationally, homes’ negative equity decreased 30%.
Across the country, the total number of mortgaged homes with negative equity decreased 12% from the first quarter of 2021 to the second quarter to 1.2 million homes (2.3% of all homes with mortgages). Since the second quarter of 2020 to the second quarter of 2021, negative equity fell 30% from 1.8 million homes (3.3% of all homes with mortgages). The aggregate value of negative equity decreased about $18.9 billion from $286.8 billion in the second quarter of 2020 to about $268 billion at the end of the second quarter of 2021.
Iowa has the seventh lowest average mortgage debt ($146,408) in the nation, according to the 2020 State of Credit Report by Experian. West Virginia has the lowest ($128,004), and California has the highest ($396,229).
CoreLogic said there was not enough data from Mississippi, South Dakota, West Virginia and Vermont to include them in the CoreLogic report.
