Available home equity has increased by $256 million in the second quarter of 2018, according to a recent report from Reverse Mortgage Daily.
"That brings the total tappable equity gain for 2018 to $636 billion, according to the Jacksonville, Fla.-based company — a figure that’s three times higher than the most recent market bottom in 2012," according to RMD.
“Despite the noticeable slowing in home price appreciation over the past four months that Black Knight has reported on recently, some 44 million homeowners now have equity that could be tapped via cash-out refinances or home equity lines of credit (HELOCs),” said Ben Graboske, executive vice president of Black Knight’s analytics division, according to the report.
RMD's report included data from Black Knight analytics firm, which also revealed that a 2.7% increase in home prices overall has been the smallest over the last five years. Meaning, the industry is seeing its share of ups and downs.
"In addition, just because homeowners have amassed that level of equity doesn’t mean they’re tapping it," cautioned the report.
"Equity withdrawn through cash-out refinances or HELOCs declined 3% year-over-year in the second quarter, representing the smallest proportion of overall equity tapped since the first quarter of 2014."
To learn more about the increase in available home equity, click on the image above.