Friday, Aug 18, 2006

US homeowners still using homes as cash machines

Reuters: US consumers still extracting wealth from homes

Many U.S. homeowners continue to take cash out of their homes even as mortgage rates climb and home sales slip, helping to brace the economy, economists said. This year, Americans who refinance their mortgages are expected to draw $257 billion of wealth out of their homes, according to mortgage finance giant Freddie Mac. That's $13 billion more than the refinancing cash-out seen in 2005 - the hottest year of the recent housing boom.

Posted by webmaster @ 10:45 AM (474 views)
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1 Comment

1. kpjcomp said...

Why are people so stupid, your not drawing money out of your home.. Wake up!!!!, it's a LOAN secured against your home. DOH!!
I personally think the Term Equity Release should be banned, and replaced with Secured LOAN, like Ronseal it should say exactly what it does on the Tin.

Friday, August 18, 2006 12:28PM Report Comment

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