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The aggregate market value of owner-occupied real estate continued its upward trend during the fourth quarter of 2017, according to the latest Financial Accounts of the United States released by the Board of Governors of the Federal Reserve System.

On a nominal and not seasonally adjusted basis, owner-occupied real estate increased to $24.5 trillion by the end of 2017, according to the data, $1,535 billion more than the fourth quarter 2016 value. The value of owners’ equity (the difference between the value of owner-occupied real estate and mortgage debt) rose $1.2 trillion in 2017, reaching $14.4 trillion in the fourth quarter. NAHB’s Eye on Housing reports:

Both home price appreciation and the slower increase home mortgage debt has contributed to the increase in homeowners’ equity...since 2012, the aggregate market value of households’ real estate grew by 8.2 trillion and the underlying home mortgage debt remained relatively flat with a 0.4 trillion increase, as a result, the gap between the value of owner-occupied real estate...and home mortgage debt...has widened and the majority of the increase in home values has filtered to an expansion in homeowners’ equity.

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