Total U.S. home equity reached a record high of $27.8 trillion, according to the Federal Reserve. The Fed reported that home equity increased by almost 20 percent in the first quarter of the year amid a booming housing market, The Wall Street Journal said. The record setting home equity figures come as housing market prices skyrocket. The surge in prices coupled with high inflation rates has made it more difficult for people to use their equity, but on the other hand, it has bolstered the finances of Americans who already own houses, the newspaper added. Recent research from Freddie Mac, the federal home loan mortgage corporation, indicated that low mortgage rates, limited supply
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