Americans Sees Biggest Home Equity Jump In 60 Years: Mortgages

Posted by Bonnie Martin Designated Broker on Friday, June 15th, 2012 at 8:01am.

Americans are digging themselves out of mortgage debt.

Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.

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