Cash Out Re-Fi Mortgages Highest in 16 Years
The combination of lower volume in new purchased homes mortgages and the increase in home refinancing has raised the percentage of cash out refinancing to the highest rate in 16 years. To add to the mix, 500 billion in ARMs are resetting this year so many households are refinancing from Adjustable Rate Mortgages to fixed rate loans and taking some cash out in the process.
They’re doing it with cash-out refi’s — home mortgages big enough not just to cover debt, but deliver some immediate cash to the borrower.
Cash-out refi’s this spring hit their highest market-share percentage in 16 years — 88 percent of all mortgages refinanced through Freddie Mac, one of the U.S. mortgage market’s largest financiers.
Homeowners drained $81 billion in home equity this way in this year’s second quarter, the McLean, Va.-based firm reported this month.
The price of that quick cash: at least 5 percent more mortgage debt and loss of loans that were a median 7 percent lower, Freddie Mac’s figures show. via The Houston Chronicle
Very funny comparison. However you don't need to pay property tax on Barbies 3 Story Dream House. With the unemployment ...
My wife has actually decided to study for and get her real eatate licence just so we dont ever have ...
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
