Despite three years of solid recovery, more than half of homeowners with a mortgage say they don't expect their homes to gain equity in 2016. CNBC staffer Diana Olick takes a look at why homeowners are oblivious to home equity, or worse, underestimate how much their home value may have increased.

Olick cites a study from Omniweb for LoanDepot, which shows that 57% of homeowners believe their homes have gained value in the last three years but 80% underestimate the value it has gained:

More than a quarter of those surveyed, who do believe their homes have gained value, said it had increased between 1 and 5 percent since 2013. While that may be the case in certain local markets, nationally home values have gained about 10 percent in that time, according to the S&P/Case Shiller Home Price Index.

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