More homeowners tap equity juiced by soaring prices
Homeowners are increasingly tapping their home equity, taking advantage of big gains following years of soaring prices
By ALEX VEIGA
Published - Feb 10, 2023, 08:12 AM ET
Last Updated - Jun 22, 2023, 10:12 PM EDT
LOS ANGELES (AP) — Homeowners are increasingly tapping their equity, taking advantage of big gains following years of soaring housing prices.
Some 333,537 home equity loans were taken out by homeowners in the third quarter last year, according to data from TransUnion.
That's about a 47% increase from the same quarter in 2021, the most home equity loans on records going back to 2010, the credit bureau said.
Banks also granted some 405,646 home equity lines of credit, or HELOCs, to borrowers in the third quarter, up 41% from a year earlier, TransUnion said.
