Residential

Homeowners are sitting on $5.4 trillion in ready cash, the most ever

Rising home values are making homeowners richer, a lot richer. Whether they choose to use it or not, the amount of equity today’s homeowners are able to tap is at the highest level on record, according to a new report from Black Knight.

Over the course of 2017, the amount of money a borrower can take out of a home while still leaving 20 percent in it, which is what most lenders require, rose by $735 billion, the largest annual increase by dollar value on record. The brought the collective amount of so-called tappable equity to $5.4 trillion, which is 10 percent more than at the pre-recession peak in 2005.

Read Article at CNBC.com

Categories: Residential

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