American homeowners are $1 trillion richer as the pandemic-driven housing boom pads their pockets. As prices rise, home equity multiplies. In the past year, homeowners with mortgages, representing about 63% of all properties, have seen their equity increase by 10.8%, according to CoreLogic. That equates to a collective $1 trillion in gained equity, or an average $17,000 per homeowner, the largest equity gain in more than six years. …It has contributed to historically low foreclosure rates. …Prices are rising so quickly because demand for housing is incredibly strong and supply equally lean. The work- and school-from-home culture of the pandemic only increased demand that had already been rising, as the millennial generation aged into their homeowning years. …So far, homebuying has not eased much, especially for newly built homes. …The exodus from major cities also appears to be slowing, with some buyers heading back in looking for bargains.