We will see shortly.what happens to that equity in during a housing crash though
Only 1.1 million Homeowners with Negative Equity. Average homeowner gained $63,600 in equity since last year
- Thread starter OfTheCross
- Start date
Tiny home living ftw!
My house jumped in value by over 100k in one year. Am I happy about that? No, because that assessment by the city also raises my Real Estate taxes. The equity in my home does nothing for me since I have no intention to tap into it or sell my property. I've always had excellent credit, so the boost does not aid that either. Also, the Real Estate bubble right now makes the idea of acquiring a new home untenable even if we downgraded. So really, the gain in equity is not a net good for us.
What State do you live in?
My county appraiser typically values properties at half to 2/3rds purchase price
what happens to that equity in during a housing crash though
Then they lose their equity. Due to their property value and could possibly be upside down on a equity loan from the bank.
Now the scary part is if it is a repeat of 2008/2009 (I don't think it will get that bad) when banks were having foreclosures everywhere and called customers with equity loans and said...I want that full equity loan paid back in hand by XXX date or we will foreclose on your home for loan default.
You may ask how do I know. One of the properties I bought in 2009 a kat took out a equity loan on his home in 2007. Like 150K and in 2009 the bank said times up pay us now or the house is ours. Dude ended up losing the home and I bought it foreclosed from the bank.
im up 70k in a year and a half 
property taxes went from 38 to 40
degenerate gamblers
property taxes went from 38 to 40
degenerate gamblers
Virginia
rightfultoefinger
All Star
300k just last year alone. From when COVID hit, my house has jumped 800k+ Thanks largely to Bay Area tech workers.