American Homeowners Digging Out of Debt
Many American homeowners are fed up with being buried in debt.
Seems that the financial collapse of 2008 helped many of us realize that the ultimate outcome of too much leverage is too much month at the end of the money.
The solution?
Record numbers of U.S. homeowners are taking advantage of historically-low interest rates and paying down their mortgage debt.
Home equity rose to $6.7 TRILLION (with a “T”) in the first quarter of 2012; the highest level since 2008.
Many borrowers are refinancing at lower rates, and some are bringing cash to the closing table to do so.
According to a recent survey by the American Bankers Association, average homeowner equity stood at 41% in the first quarter of 2012.
Further, many homeowners who are refinancing are opting for shorter term loans in order to pay off their homes sooner.
Source: Bloomberg.com article
July 11th, 2012 Posted in Inside Real Estate
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