More homeowners tap equity juiced by soaring prices
LOS ANGELES (AP) — Homeowners are increasingly tapping their home equity, taking advantage of big gains following years of soaring prices. Home equity loan originations surged 47% in the third quarter from a year earlier, the most on records going back to 2010, according to TransUnion. Home equity lines of credit, or HELOCs, vaulted 41% from a year earlier. The change is part of a broader uptick in the use of credit as inflation squeezes household budgets. It’s also a shift away from cash-out mortgage refinancing, which has become less attractive to homeowners amid sharply rising mortgage rates.