Topics

Credit and Debt
Equity credit lines are making a comeback as home prices rise

WASHINGTON — If you've got it, tap it. That appears to be the strategy for growing numbers of homeowners across the country who have begun taking out home equity credit lines at a rapidly accelerating pace. New data provided by national credit bureau Experian and researchers at the Oliver Wyman consulting organization suggest that a rebound boom in equity-tapping is underway. Owners have pulled out $120 billion in new home equity credit lines in the last 12 months, a 27% increase in volume over the year earlier. In some states, new home equity line borrowing is exploding — up 169% in Wyoming, 85% in Oklahoma, 79% in Arizona, 53% in Florida and 52% in Ohio. Dollar volumes...

Loading