In the fourth quarter of 2008, U.S. homeowners cashed out $17.5 billion in home equity through the refinance of prime first-lien mortgages, the lowest amount since the first quarter of 2001, according to a recent Freddie Mac report. In addition, 14 percent of refinancing homeowners paid in extra money when they refinanced, reducing their mortgage debt, the highest cash-in share since the fourth quarter of 2004 when 19 percent of refinancing homeowners put cash into home equity. The share of refinance loans resulting in new loan amounts that were at least 5 percent higher than the paid-off first-lien mortgage balances fell to 62 percent in the fourth quarter, also at a four-year low, compared with 76 percent in the third quarter of 2008. <!–[if !supportLineBreakNewLine]–> San Diego housing marketRelated posts by other bloggers:
Home Equity Loan
– In general, go with fixed when rates are low and an adjustable when rates are high. Many people have their own reasons for wanting to apply for a home owner secured loan online. One of the top reasons is because they have become past-due …
– In general, go with fixed when rates are low and an adjustable when rates are high. Many people have their own reasons for wanting to apply for a home owner secured loan online. One of the top reasons is because they have become past-due …
Calculated Risk: Summary Post: New Home Sales at Record Low
– Summary Post: New Home Sales at Record Low. by CalculatedRisk on 2/26/2009 08:34:00 PM. Another summary post and open thread (for discussion). New home sales in January 2009 (309 thousand SAAR) were 10.2% lower than last month, …
– Summary Post: New Home Sales at Record Low. by CalculatedRisk on 2/26/2009 08:34:00 PM. Another summary post and open thread (for discussion). New home sales in January 2009 (309 thousand SAAR) were 10.2% lower than last month, …
In the long term real estate always bounces back and people should take advantage of these slow periods if they really want to get a good return on their investments
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In 2005 most of the commentators on the real estate market were saying there’s no bubble and our mini boom would never end, this is a sure sign that an end is fast approaching.
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In the 70’s people had equity in their homes and credit card debt was not maxed out by as many as it is today it was a much different time, so much so it’s very scary today.
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