Homeowners pay off principal
Homeowners’ net equity in their residences increased by nearly $1 trillion from the beginning of 2009 through Sept. 30, as real estate prices crept upward and homeowners paid off principal, according to the Federal Reserve. Some of the largest increases in equity occurred in cities hit hardest by the real estate decline, including Phoenix, Ann Arbor, Mich., and Riverside, Calif.
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