Las Vegas Increase Home Equity Lines of Credit

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Las Vegas increased its use of home equity lines o credit according to a report from Irvine-based real estate analytics company RealtyTrac.

Over the course of the 12-month period ending in June 2014, the percentage rose to 85.1 percent trailing behind the 87.7 percent increase in the Riverside/San Bernardino metro area in southern California

Home equity lines of credit (HELOCs) are non-purchase loans secured by equity representing the appraised market value of a residence minus any other loans secured by that property. Such lines of credit can be used by homeowners to fund home improvement projects or other purchases.

“This recent rise in HELOC originations indicates that an increasing number of homeowners are gaining confidence in the strength of the housing recovery and, more importantly, have regained much of their home equity lost during the housing crisis,” RealtyTrac vice president Daren Blomquist said.

“The rise in HELOCs also reflects a natural evolution for a lending industry looking for products they can offer to homeowners who have already refinanced their first position loan into a low fixed rate. A HELOC enables homeowners to leverage additional equity they may have gained since refinancing while still preserving the rock-bottom interest rate on their first position loan.”

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