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Is time the enemy of equity for chronically distressed homeowners?

Housing Wire

Chronically distressed properties lost more than $7,000 in total home equity on average while cycling in and out of foreclosure, according to an Auction.com analysis of more than 80,000 properties scheduled for foreclosure auction multiple times in the last three years.

Equity 432
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Home equity loan vs. HELOC – What’s the difference?

Housing Wire

While mortgage rates are high and economic uncertainty looms, there is good news for borrowers who already have a mortgage and may be looking to tap into their equity. The average mortgage holder is up by more than $92,000 compared to the start of the pandemic. What is a home equity loan? Read on to find out.

Equity 529
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The month in reverse mortgage rates: March 2024

Housing Wire

The federally insured reverse mortgage known as a Home Equity Conversion Mortgage (HECM) is unique, as are the rates that impact the HECM product. For this reason, I will provide a short monthly educational focus, followed by a summary of the HECM rate market. Why are there two HECM interest rates used with HECM loans?

Principal 419
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Retail reverse mortgage production took a hit in January

Housing Wire

While reverse mortgage volume in 2024 got off to a rocky start, new data that breaks out retail Home Equity Conversion Mortgage (HECM) endorsements versus wholesale production showed that it was the former that took the bigger hit in the first month of the year, based on new data compiled by Reverse Market Insight (RMI).

Mortgages 395
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With rates at a 22-year high, the $3,000 monthly mortgage payment becomes the norm

Housing Wire

In the face of spiking interest rates and historically high home prices , $3,000 monthly mortgage payments are common in today’s housing market. Between 2010 and 2021, mortgage holders withdrew an average 0.92% of available tappable equity each quarter. Tappable equity levels remain elevated, Walden noted.

Equity 404
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Home prices and mortgages keep rising, and it might get worse still

Housing Wire

Prices in nearly half of the nation’s 50 largest markets climbed by 0.75% or more. Even on a non-adjusted basis, August’s gain of 0.24% was more than 60% larger than the 25-year average for the month, according to a mortgage monitor report from Intercontinental Exchange, Inc.

Mortgages 414
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Cash-out refis are in high demand as equity levels skyrocket

Housing Wire

Record home price appreciation in recent years has pushed tappable home equity to new heights. According to a report published by data vendor Black Knight this week, the third quarter of 2021 saw a nearly $250 billion dollar increase in tappable equity—a record. of available equity entering the quarter, the report said.

Equity 442