As housing prices rise, more households are making use of home equity lines of credit. Home owners secured 393,602 HELOCs inside the third quarter of this year, up 19% from the previous quarter and 12% from last year, as outlined by ATTOM Data Solutions’ Q3 2017 U.S. Residential Property Loan Origination Report.
Metropolitan areas Where Owners Are Making use of HELOCs
Among the 120 metro areas ATTOM Data Solutions analyzed for the report, the accompanying had the most significant year-over-year increases in HELOCs:
Reno, Nev.: up 80%
Fort Wayne, Ind.: up 74%
Peoria, Ill.: up 46%
Bremerton, Wash.: up 45%
Dallas: up 43%
ATTOM Data Solutions also notes that 43 of the 120 metros saw a year-over-year reduction in HELOC loan origination’s, including:
Houston: down 17%
Atlanta: down 6%
St. Louis: down 4%
Miami: down 3%
San Francisco: down 1%
Among overall loan origination’s, the metros with the largest rise in purchase loans were:
Raleigh, N.C.: up 55%
New York: up 39%
Roanoke, Va.: up 39%
Honolulu: up 38%
Little Rock, Ark.: up 34%
As you can see here in the Tampa Bay Area we have not made the list which in our opinion is a good thing. That means that more owners may have equity in their home and be in a position to sell their home without any issues.
Ready to find out the current market value of your home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or call 813-300-7116
