EconomyRockford: It's Not All Losses In Home Equity Game

By: Kristin Burke
By: Kristin Burke

If you bought a home in Rockford five years ago.. and made your payments.. chances are the value of your home has risen significantly.

23 news real estate expert Jon Krause says local homeowners gained about 12- thousand dollars in equity since 2004 .

Although the economic crisis has decreased that amount by an average of three to five thousand dollars... Krause says the net result is still about a seven to nine thousand dollar increase.

He says it's one more reason why home ownership is still a big financial win.

"You only really feel the loss of equity when you sell your house. If your staying in your house for another 5 to 10 years it really doesn't matter what your house is worth today, quite frankly, because it is going to be worth more in 5 to 10 years than it is today."

Right now there are about 34- homes for sale in the Rockford area. Statistically only about six percent of us sell our homes every year. And get this...Those who purchased a home *ten years ago in our area...Have gained about 45- thousand in equity

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