Overview

• Total borrower equity stood at about $17.5 trillion in Q2 2025, down $141.5 billion or 0.8% from a year earlier.
• The typical mortgaged homeowner still holds roughly $307,000 in equity, near a record, according to Cotality.
• Equity declined in 32 states and increased in 14, with the sharpest drops in Washington, D.C. (~$34,400), Florida (~$32,100) and Montana (~$26,900).
• Northeastern states led gains, topped by Connecticut (~$37,400), New Jersey (~$36,200) and Rhode Island (~$31,200).
• Homes with negative equity rose 18% year over year to about 1.15 million, roughly 2% of mortgaged properties, as price growth slowed to its weakest since 2008.