Home equity loans stage a comeback
Home equity loans are regaining popularity with more Americans rebuilding equity on the back of rising home prices. After the 2008 market crash, home equity loans practically became obsolete. But fewer underwater borrowers and price increases are helping the product stage a comeback.
MSNMoney has more:
Home equity losses were worse on the coasts, where prices had bubbled highest. By late 2011, nearly a third of U.S homes with mortgages were under water.
Now things are changing. Maybe you can get that new kitchen after all. With home values rising for 12 consecutive months, lenders are open again to home-equity lending.
Existing-home prices are up nearly 12% from a year ago, on average. That's the biggest year-over-year increase since the superheated days of 2005.