Black Knight revealed that America’s 44 million homeowners now have a combined $6 TRILLION of tapable home equity. This is 21% more than in 2006. Still, this year equity withdrawals by new first mortgages and Helocs are down 3% from last year, the lowest share of equity withdrawn since the first quarter of 2014.
It’s honestly good to see homeowners not using the homes as an ATM like millions of homeowners did the last decade. Thus, our real estate market has LESS RISK of implosion. Plus, about 95% of the loans closed in the last 8 years have been fixed rate mortgages; whereas, before nearly half of all loans were ARMs.