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Home equity payments up – first time since 2007
Reproduced with permission...
The information herein seems subtle at first glance. There are two things happening: 1) homeowners are taking out new home equity lines of credit, and 2) homeowners are using more of their existing credit lines. Underlying this, there is more equity available to tap into._________________________________
Home equity payments up – first time since 2007
ATLANTA – Oct. 1, 2012 – Signaling a possible turning point in mortgage demand, home equity installment balances rose 0.3 percent in August – the first monthly increase since November 2007 – according to Equifax’s National Consumer Credit Trends Report.The total number of home equity installment loans fell 43 percent over the past four years – from 7.7 million in August 2007 to 4.4 million in August 2012. The nation’s total home equity balances fell with it, declining 49 percent from a $278 billion peak in September 2007 to $143 billion in August 2012.The August increase, however, indicates a positive change in direction.“The residential real estate market finally seems to be finding solid ground,” says Equifax Chief Economist Amy Crews Cutts. “We’re seeing signs that the contraction in mortgage debt is slowing, and delinquencies continue to trend down at the same time that mortgage rates ... more

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