Colorado homeowners took a $23,000 hit on average over the past year
LAS VEGAS — For the past 11 years, homeowners could count on the equity they held in their homes going in one direction– up.
In Colorado, homeowners lost on average $23,000 in equity, or more than four times the loss per borrower measured nationally. But the declines were not as bad as what some states to the west experienced. Washington led the nation with a $74,300 decline in average equity over the past year, while in California the drop was $59,600. Utah suffered a drop of $37,700 in equity, while in Idaho and Nevada, equity was down by $33,000 per home.
Still, the average homeowner, even with the decline in the first quarter, has built up $274,000 in equity — up significantly from $182,000 before the pandemic, Hepp said. Her forecast and those from other economists call for price gains to resume again as buying demand outpaces the supply of homes on the market.
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