Homeowners Have Large Gains In Equity

Dated: July 12 2018

Views: 736

Image titleHomeowners now have $5.8 trillion in untapped equity, the highest volume ever recorded.

The average homeowner with a mortgage has gained $14,700 in tappable equity over the past year and has $113,900 available to draw from.

Although confidence is recently dropping, generally consumer confidence is bullish.

Tappable equity represents the appraised value of the home less 20% required by most lenders to keep as a safety net.  

More homeowners are doing cash-out refinances, even at a higher rate of interest, because they are leery of the variable rates of home equity lines of credit. Only 1.17 percent of available equity was tapped in the 1st quarter of this year, the lowest amount in 4 years. Some homeowners may remember homes lost due to the housing crash and are skeptical of some markets overheating.  

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Mary Lovera

For 21 years, I’ve happily worked in the Real Estate industry. Prior to this, I was a schoolteacher. And before that, I grew up in a family business, lived internationally, and worked with people of....

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