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Behavior Modification and the New HELOC

Thursday, February 25, 2016

In a new white paper titled Home Equity Lending Landscape, CoreLogic says that in the recent past homeowners who wanted to tap the equity in their homes might have looked to a cash-out refinance.  The housing crash and the record low interest rates that followed have perhaps modified that behavior. "After years of being out of favor," the company says, "home equity lending is making a comeback."

For the past two year home equity loans (HEL) and home equity lines of credit (HELOC) originations have been growing as homeowners reclaimed equity in their homes and lenders regained confidence in the market. In the last three quarters of 2015 there were 976,000 new HELOCs put in place with combined limits of $115.8 billion; both numbers the highest for those quarters since 2008.  The numbers were up 21 percent and the dollar volume increased 31 percent over the same period in 2014.

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