Equity Down $1.3T From Q2, Largest Quarterly Dollar Drop On Record
Homeowner equity saw a contraction in Q3 2022 as dropping prices are finally taking their toll, according to Black Knight’s latest Mortgage Monitor Report. Home prices are cooling at a slower pace than they have been in the last few months, but the impact of those price drops is catching up to homeowners basking in record-high equity levels. Equity is down $1.3 trillion from Q2, and close to $1.5 trillion from its peak in May. This is the largest quarterly drop by dollar value ever recorded “by far,” Black Knight Data & Analytics President Ben Graboske noted. By percentage, it’s the biggest decline since 2009. “As we reported at the time, while hitting a record high in Q2, total homeowner…