Most metro Phoenix homeowners have equity again.
About 5 percent of all Phoenix-area homeowners are underwater with their mortgages now, compared to 50 percent in 2011.
And judging by the many big construction dumpsters in front of homes in Valley neighborhoods, homeowners are tapping that equity to do home-improvement projects.
Arizona homeowners accumulated an average of $16,000 in home equity over the past year, according to real estate data firm CoreLogic. That's enough to redo some kitchens.
TV home improvement guru Ty Pennington — from "Trading Spaces" and "Extreme Makeover: Home Edition" — was in the Valley for the Maricopa County Home & Garden Show which ran through Sunday at WestWorld in Scottsdale. He had some advice for homeowners who are remodeling.