Soaring home prices are making many homeowners wealthier and wealthier.
Those with mortgages — about 62% of all properties — saw their equity jump by 20% in the first quarter from a year earlier, according to CoreLogic. That represents an average gain of $33,400 in just that one year period.
Altogether, the amount of available, tappable equity has never been higher. As of the first quarter, homeowners held $8.1 trillion in equity to tap, the largest amount ever recorded, according to Black Knight, a mortgage technology and research firm.
Further, nearly half of all tappable equity, or the amount a homeowner can borrow against before hitting a maximum 80% combined loan-to-value ratio, is…