Borrowing Against The House, Once Again

Julie C. Nichols General

MortgageOrb.com – Nora Caley

According to the Equifax March National Consumer Credit Trends Report, for home equity lines of credit, new credit originated in January 2013 totaled $6.2 billion, which was an increase of 20% compared to the $5.1 billion in January 2012. It was the strongest start to a calendar year since 2009. One reason why homeowners can borrow is that their homes are regaining some of the value lost during the crisis. According to the S&P/Case-Shiller Home Price Indices, average home prices increased 9.3% for the 20-City Composite in the 12 months ending in February 2013. The 20-City Composite rose 0.3% from January to February. In February 2013, average home prices were back to their autumn 2003 levels.

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