Borrowers Have a Record $11 Trillion in Tappable Equity

Source: National Mortgage News

Escalating home prices delivered a record gain of $1.2 trillion in tappable equity to borrowers in the first quarter of the year, Black Knight reports.

Mortgage holders are enjoying a total of $11 trillion in tappable equity, or $207K per borrower, also the highest on record, according to the Black Knight Mortgage Monitor report for April. Home prices were up 19.9% in April, a slight decrease from March’s 20.4% annual gain.

“Depending upon where you stand, this could be the best or worst of all possible markets,” said Ben Graboske, Black Knight Data and Analytics president, in a statement.