State’s Home Equity Is Growing by Billions

Homeowners in the Golden State are apparently racking up golden amounts of home equity.

The value of California’s housing stock is increasing by close to $20 billion each month. Figured annually, the amount roughly equals the gross domestic product of Belgium.

California’s 7 million homes were valued at $1.77 trillion in August, up 9.9% from $1.61 trillion a year ago, according to Axciom/DataQuick.

During the 1980s, values were going up more than 20%, but they dropped at an annualized rate of 6% from 1992 to 1994.

Though some California homes still have not regained their pre-recession value, most of them have, and the current value of the state’s housing stock is the highest on record.

Axciom/DataQuick monitors real estate activity nationwide and provides information to consumers, lending institutions and industry analysts.