patrick.net

 
  forgot password?   register

#housing #investing #politics more»
736,332 comments in 75,764 posts by 10,924 registered users, 2 online now: BayAreaObserver, YesYNot

new post

Americans Are Tapping Their Homes For Cash Again

By noshow   2013 Feb 9, 11:46pm   495 views   1 comment   watch (1)   quote      

http://www.businessinsider.com/americans-are-tapping-home-equity-again-2013-2

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.

#housing

Comment 1-1 of 1     Last »

1   everything     2013 Feb 10, 10:59pm  ↑ like   ↓ dislike   quote    

Party on. The banks want to lend.

Comment 1-1 of 1     Last »

users   about   suggestions   contact  
topics   random post   best comments   comment jail  
patrick's 40 proposals  
10 reasons it's a terrible time to buy  
8 groups who lie about the housing market  
37 bogus arguments about housing  
get a free bumper sticker:

top   bottom   home