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Red-Hot Housing Market Drives Biggest Home-Equity Drawdown Since 2007

Homeowners are tapping into their properties’ equity to fund renovations, invest in stocks and more.

Bloomberg business news
Housing Market Has Gone 'Bonkers,' Barbara Corcoran Says

Homeowners are taking advantage of a global housing boom by pulling equity out of their homes at the highest volume since the financial crisis. 

In the U.S., homeowners withdrew $63 billion in equity from their properties through more than 1.1 million cash-out refinances in the second quarter of the year — the largest quarterly volume since mid-2007, according to data company Black Knight. Just under one in five American homeowners say they have pulled money out of their properties in the last year, according to a survey in late October by market research firm Harris Poll, with another 18% saying they are considering it.