Tappable equity, defined as the share of equity available for homeowners with mortgages to borrow against before reaching a maximum total combined loan-to-value of 80 percent, reached a record high in the second quarter, according to data from Black Knight Inc.
The second quarter’s level of $6.3 trillion was up by more than $335 billion and marked second consecutive quarterly increase. The second quarter’s level was 26 percent above the mid-2006 peak of $5 trillion.
Black Knight also noted that 49 percent of the 45 million homeowners with tappable equity have first lien interest rates greater than 4.25 percent, which makes refinancing an appealing prospect. And 76 percent of these homeowners have rates at or above 3.75 percent.
The New York Federal Reserve Bank says Americans now hold more than $11 trillion in mortgage debt
As housing prices rose during the pandemic, U.S. homeowners saw their mortgage debt increase along with them, credit agency Experian reports.
Experian looked at how mortgage debt varies by state and how it's grown over time, specifically from 2017 to 2021. The analysis incl...
Alternative real estate financing company cut about 120 jobs.
Homeward, an Austin, Texas-based company offering alternative financing for real estate, laid off about 20% of its staff this week.
In a 1,330-word message titled "A Note From Our CEO" posted to the company’s website blog on Wednesday, Homeward Founder & CEO Tim Heyl s...