Home equity grows by $2 trillion in first quarter

(KYMA, KECY/ CNN) - It is a great time to be a homeowner, with a rise in home equity value of nearly $2 trillion over the last year.

That number translates into an average gain of more than $33,000 per borrower in their home equity or an increase of nearly 20%. Equity being defined as the difference between the value of a home and how much is owed on its mortgage.

Corelogic, which keeps track of the numbers, reports the record-low supply of homes has led to record home prices that drive the trend.

The gains are enough for many homeowners to no longer be underwater on their mortgages or owe more than their home is worth.

Even for the homeowners who are struggling, the strong housing market means they may be able to sell their home instead of losing it to foreclosure.