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Beyond your Box
Keith Jurow
Home owners with 2nd mortgages might be threatened if housing prices decrease
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The Federal Reserve Bank of New York points out that the total outstanding debt for home equity lines of credit (HELOCs) hit a 14-year low of $412 billion at the end of 2018 in its latest Household Debt and Credit Report. That appears quite encouraging.
Bear in mind, however, that HELOCs had been shoveled off to virtually any home owner throughout the housing bubble into the very early 2000s. Whenever house costs refused, HELOCs exacerbated the housing collapse that followed.
Because an incredible number of brand brand brand new HELOCs have already been originated from the past many years, let’s simply take a great appearance at them and discover when they pose brand new threats. Continue reading