A new report from RealtyTrac shows the top cities in the country with the greatest equity growth, and the top two of those are right here in the bay area - San Jose at #1 and San Francisco at #2. If you're a homeowner in one of these two cities, you could be potentially sitting on a fortune! Depending on your situation and needs, it may be a great time to sell so you can take advantage of all that money you're sitting on because who knows what tomorrow may bring because next year the or the year after the market could take a hit and all that equity could possibly get wiped out - though not likely in my opinion.
Picture Souce: Washington Post
9 Markets With the Highest Share of Equity
As home prices rise, more home owners in some parts of the country are seeing gains in equity.
Read more: Many Owners May Underestimate Their Equity
Nearly 20 percent of all properties with a mortgage are considered "equity rich," according to RealtyTrac's second quarter U.S. Home Equity & Underwater Report. The number of equity-rich home owners with a mortgage has risen by 1 million compared to a year ago.
"Some are leveraging that equity into a higher LTV refinance or a move-up purchase, some may be downsizing into an all-cash purchase and some may be cashing out of home ownership altogether," says Daren Blomquist, RealtyTrac's vice president.
Not surprisingly, the highest equity places tend to be in areas that have seen the largest increases in home prices. RealtyTrac reported the following major metro areas had the highest percentage of equity-rich properties:
1.San Jose, Calif.: 43.8%
2.San Francisco, Calif.: 38.3%
3.Honolulu, Hawaii: 36.7%
4.Los Angeles, Calif.: 32%
5.New York: 30.7%
6.Pittsburgh, Pa.: 29.4%
7.Poughkeepsie, N.Y.: 28%
8.Oxnard, Calif.: 27.5%
9.San Diego, Calif.: 26.9%
Source: RealtyTrac & RealtorMag Online
http://realtormag.realtor.org/daily-news/2015/08/10/9-markets-highest-share-equity?om_rid=AAFmZk&om_mid=_BVyPS5B9EV6E3L&om_ntype=RMODaily
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