Posted June 15, 2012 by Rogers Healy

Largest Home Equity Jump in 60 Years

Home equity jumped in the first quarter up to $6.7 trillion, the highest level since 2008.  Homeowners are taking advantage of record-low borrowing costs to refinance their loans and putting cash on the table to pay down their principle.

The gain of 7.3 percent was the largest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.  About half of the mortgages refinanced in the fourth quarter reduced loan size which set a new record according to Freddie Mac.

This is the strongest sign so far that Americans' home-loan debt burden is beginning to ease.

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