Red-Hot Housing Market Drives Biggest Home-Equity Drawdown Since 2007

Homeowners are taking advantage of a global housing boom by pulling equity out of their homes at the highest volume since the financial crisis.

In the U.S., homeowners withdrew $63 billion in equity from their properties through more than 1.1 million cash-out refinances in the second quarter of the year — the largest quarterly volume since mid-2007, according to data company Black Knight. Just under one in five American homeowners say they have pulled money out of their properties in the last year, according to a survey in late October by market research firm Harris Poll, with another 18% saying they are considering it.

Homeowners elsewhere are also finding the idea attractive. In the U.K., net equity withdrawals topped 13 billion pounds ($18 billion) in the first half of the year. That’s the first time since 2008 that Britons took out additional equity instead of injecting cash into their homes, according to Bank of England data.

Join your host Sean Reynolds, owner of Summit Properties NW, and Reynolds & Kline Appraisal as he takes a look at this developing topic.

https://www.bloomberg.com/news/articles/2021-11-08/home-equity-loan-rates-incentivize-homeowners-to-invest-in-renovations-stocks

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