25088, Glen, WV

Home equity is the difference between what a homeowner owes on their home and the value of their home. Home prices are the amount that homeowners are able to sell their homes for. In Glen, WV, there was a decrease in home equity from 2007 to 2016. This can be attributed to several factors such as an increase in interest rates, decreases in housing values, and an increase in mortgage debt.

From 2007-2016 there was a decrease of -$11,000 or -14% in home equity for homeowners in Glen. This can be attributed to increases in interest rates (+10%), decreases in housing values (-24%), and an increase of mortgage debt (+8%).

When looking at just mortgages alone, there was a +$5,000 or +25% increase from 2007-2016. This can be attributed to an increase of demand for mortgages due to low interest rates and increasing household income levels.

Looking at all three factors together (interest rates, housing values, and mortgage debt), it is evident that they have all had a negative impact on Glen’s home equity over the past seven years. Overall this has resulted in a decrease of -$11,000 or -14%.