Here’s why homeowners aren’t borrowing against their equity

Homeowners have more equity than ever before — but are still hesitant to borrow against it. As home prices have appreciated, Americans have more than $5.8 trillion in equity, double the level in 2011, Bloomberg reported. But they aren’t tapping into it due in part to rising interest rates and reluctance stemming from the mortgage crisis. “There’s a long-memory issue,” Dan Alpert, managing partner at Westwood Capital, told Bloomberg. “People got caught with home equity […]Home Page,Home Equity,Residential Real Estate