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Red-Hot Housing Market Drives Biggest Home-Equity Drawdown Since 2007
Homeowners are tapping into their properties’ equity to fund renovations, invest in stocks and more.
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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.