Homeowner's Tappable Equity Lower For First Time Since Housing Crisis
The Pool Is Shrinking
A home equity loan or line of credit (HELOC) can be a useful financial management tool – but only if you have the available equity to take advantage of it. Do you know how much you could borrow against your home if you had to?
Black Knight's October 2018 Mortgage Monitor reports America's total mortgage equity is at $9.8 trillion, with $5.9 trillion of that "tappable" – available for homeowners to use as borrowing collateral.
While $5.9 trillion is a large pool, it's $140 billion less than it was in the previous quarter – the first quarterly decline since the housing crisis. Tappable equity fell in 60% of the 100 largest housing markets and twelve of the top fifteen. The average homeowner with tappable equity had $136,000 available for borrowing, a decrease of $2,300 from last quarter.
Is your tappable equity falling along with the average, or rising, as it should with your payments? The answer lies in your local ho...
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