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Data: CoreLogic; Chart: Axios Visuals

U.S. homeowners with mortgages saw a collective equity gain of $1 trillion in the third quarter, a 10.8% increase from Q3 2019, according to a new report from CoreLogic. That comes out to an average gain of $17,000 per homeowner, the largest average equity gain since the first quarter of 2014.

The big picture: The housing market has been on fire since the summer as Americans fled large population centers, looked to take advantage of record-low interest rates and sought to park their cash in real estate as U.S. money supply surged.

Yes, but: Experts believe the overall boom in home sales could continue for years. However, the CoreLogic HPI Forecast shows home price growth slowing over the next 12 months as new home construction and more existing homes ease supply pressures.

  • This could moderate the pace of both price growth and equity gains, the company says.

Of note: The percentage of homeowners who hold negative equity, or owe more on their mortgage than their homes are currently worth, decreased by 6.9% from Q2 to 1.6 million homes, or 3% of all mortgaged properties.

Go deeper

Felix Salmon, author of Capital
Jan 28, 2021 - Economy & Business

Reddit traders' real-world positive consequences

Expand chart
Data: YCharts; Chart: Axios Visuals

Thanks to Reddit, AMC Entertainment has managed to take $700 million of debt off its balance sheet, as well as raising $506 million of fresh cash in the stock market.

Driving the news: The movie-theater chain and hot meme stonk of the moment converted $100 million of junior debt into equity on Monday, while also raising fresh equity capital. Then, on Thursday, it announced that $600 million of senior debt had also been converted into equity, at a price of $13.51 per share.

Updated Jan 28, 2021 - Health

New York AG: State severely undercounted COVID nursing home deaths

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

Data from New York's public health department undercounted COVID-19-related deaths in nursing homes by as much as 50%, according to a report released Thursday by state Attorney General Letitia James.

The big picture: Gov. Andrew Cuomo's administration had not been including nursing home patients who died after being transferred to the hospital in its tally of over 8,500 nursing home deaths. Data provided to the attorney general's office from 62 nursing homes "shows a significantly higher number of resident COVID-19 deaths can be identified than is reflected" in the official count.

Updated Jan 28, 2021 - Economy & Business

2020 was the economy's worst year since 1946

Source: FRED; Billions of chained 2012 dollars; Chart: Axios Visuals

One of the last major economic report cards of the Trump era lends perspective to the historic damage caused by the pandemic, which continued to weigh on growth in the final quarter of 2020.

By the numbers: The U.S. economy grew at a 4% annualized pace in the fourth quarter, a sharp slowdown in growth compared to the prior quarter. For the full year, the economy shrank by 3.5% — the first annual contraction since the financial crisis and the worst decline since 1946.