As of the first quarter of 2024, homeowners have more than $32 trillion in home equity, a record high spurred by rising housing prices.
Rising home prices have continued to build the fortunes of existing homeowners, pushing tappable equity to its highest level ever, according to Andy Walden.
Although homeowners are sitting on a record amount of housing wealth, the cost of borrowing against homes is also at near-high levels due to rate hikes.
Greg McBride highlighted that while home equity was once considered a cheap source of funds, this perception has drastically changed due to increasing interest rates.
Collection
[
|
...
]