July 18, 2024

home equity loansIn 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 market

 

 

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