Average equity per homeowner rises to record $300,000

U.S. homeowners with mortgages, which accounts for nearly two-thirds of all properties, saw equity in their homes during the second quarter rise 27.8% from a year ago, according to property information company CoreLogic's Homeowner Equity Report (HER) released Friday. The total increase in home equity for the quarter was $3.6 trillion, or an average of $60,200 per borrower. The total average equity per homeowner rose to a record $300,000. "[R]ecord equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas," said CoreLogic interim chief economist Selma Hepp.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.