Americans Are Tapping Their Homes For Cash Again

By noshow   Follow   Sun, 10 Feb 2013, 7:46am   240 views   1 comment
In Menlo Park CA 94025   Watch (1)   Share   Quote   Permalink   Like   Dislike

Nearly 11 million borrowers are underwater on their mortgages, owing more than their homes are worth, according to CoreLogic, and yet home equity lines of credit are suddenly on the rise again. During the housing boom of the last decade Americans withdrew over $1 trillion in home equity. They did it through cash-out refinances, home equity loans, and home equity lines of credit. The latter allowed them to use their homes like an ATM. They spent the money on cars, televisions, vacations and fancy home upgrades. It was seemingly endless equity, until suddenly that equity was gone.

Viewing Comment 1-1 of 1     Last »     See most liked comments

  1. everything

    Befriend (2)
    3 threads

    1   6:59am Mon 11 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    Party on. The banks want to lend.

noshow is moderator of this thread.



Watch comments by email
Home   Tips and Tricks   Questions or suggestions? Mail   Thank you for your kind donations

Page took 4 milliseconds to create.