Home Equity Cash Outs Hit 4 Year Low
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This is a good sign, homeowners have hit a 4 year low in their home equity cash outs.
Of course it begs the question, do they have any say in the matter or is the piggy bank all tapped out?
The amount of money Americans pulled out of their homes is at a four-year low as homeowners battle falling home values and stricter standards among lenders, Freddie Mac said Thursday.
Homeowners “cashed out” about $68 billion in home equity during the first half of the year, the lowest since the first six months of 2004, according to the McLean, Va.-based mortgage finance company.
About $38 billion in home equity was cashed out through refinancing of loans made to prime borrowers in the second quarter — less than half the $79 billion cashed out during the same period last year, said Amy Crews Cutts, Freddie Mac deputy chief economist. via msnbc.com.
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Comment by Vinings Georgia New Homes on 30 July 2008:
With these home equity lines of credit drying up, the economy will slow down, insomuch as consumer spending has been propped up by this kind of credit.