The aggregate market value of owner-occupied housing hit its high point in the last part of 2006, reaching a high-water mark of $22.5 trillion.

Breaking that down, first lien mortgage and home equity loan debt outstanding equaled $9.9 trillion (44%) and homeowner equity equaled $12.6 trillion (56%).

Home equity loans represented about 11% of total debt outstanding at the time.

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(Source: MBA)

“Aggregate market value fell from that point until the fourth quarter of 2011, when it reached $16.1 trillion, a decline of $6.4 trillion,” say Lynn Fisher and Joel Kan, analysts at the Mortgage Bankers Association, evaluating the Federal Reserve data. “Homeowner equity fell by $6.2 trillion to just 40% of aggregate value, as home values declined at the same time the amount of outstanding mortgage debt barely changed.”

By the first quarter of 2015, the total market value of housing recovered to $21.1 trillion, 6% below the peak valuation, they note.

“The relative amount of debt and equity returned to 2006 shares, with total mortgage debt outstanding equal to $9.4 trillion (44%) and the value of equity at $11.7 trillion (56%),” they write. “Home equity debt was $660 million, about 7% of total debt outstanding.”