Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in
Homeowners Have Large Gains In Equity
Homeowners now have $5.8 trillion in untapped equity, the highest volume ever recorded.
The average homeowner with a mortgage has gained $14,700 in tappable equity over the past year and has $113,900 available to draw from.
Although confidence is recently dropping, generally consumer confidence is bullish.
Tappable equity represents the appraised value of the home less 20% required by most lenders to keep as a safety net.
More homeowners are doing cash-out refinances, even at a higher rate of interest, because they are leery of the variable rates of home equity lines of credit. Only 1.17 percent of available equity was tapped in the 1st quarter of this year, the lowest amount in 4 years. Some homeowners may remember homes lost due to the housing crash and are skeptical of some markets overheating.
I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland and Orange County. My goal is to make my client's real estate experience a happy one. Because succe....