Americans are increasingly tapping their home equity, a new report from property database ATTOM Data Solutions finds.
ATTOM Data Solutions has released its Q1 2018 U.S. Residential Property Loan Origination Report, which shows that more than 1.8 million (1,813,691) loans secured by residential property (1 to 4 units) were originated in Q1 2018, down 5 percent from the previous quarter and down 3 percent from a year ago.
The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 1,700 counties accounting for more than 87 percent of the U.S. population.
"Putting home equity to work is the name of the game in the 2018 housing market\"
"Putting home equity to work is the name of the game in the 2018 housing market - both for current homeowners as well as homebuyers," said Daren Blomquist, senior vice president at ATTOM Data Solutions.\"
Blomquist said, "With interest rates rising and home price appreciation accelerating, current homeowners are increasingly turning to home equity lines of credit rather than refinances to tap their home's equity."
HELOCs up more than 50 percent in Hartford, Nashville, Las Vegas, Raleigh, Indianapolis
Among 165 metropolitan statistical areas analyzed for loan originations, those with the biggest year-over-year increase in HELOC originations in Q1 2018 were Athens, Georgia (up 176 percent); Chattanooga, Tennessee (up 165 percent); Norwich, Connecticut (up 99 percent); Kingsport, Tennessee (up 92 percent); and Atlantic City, New Jersey (up 87 percent).
Among 50 metro areas with a population of at least 1 million, those with the biggest year-over-year increase in HELOC originations in Q1 2018 were Hartford, Connecticut (up 80 percent); Nashville, Tennessee (up 74 percent); Las Vegas, Nevada (up 69 percent); Raleigh, North Carolina (up 56 percent); and Indianapolis, Indiana (up 51 percent).
Find out more at www.attomdata.com