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49% of homes were deemed equity rich.
The 0.7% YOY decline in Q1 is equal to an average loss of $5,400 per borrower from Q1 2022.
Total residential loans drops nearly 20% as just 1.25m loans were originated.
Report says second-mortgage production reached post-financial crisis high in 2022 before falling off this year.
'Tappable' home equity has grown by $3.4 trillion over the last three years.
Partnership with HomeLight allows home buyers to buy before they sell.
