(Bloomberg) -- The home ATM is spewing cash thanks to rising property values and record household wealth.
Equity pulled from homes to finance consumer spending and property improvements and pay off other debts rose in the first quarter to the highest in almost a decade, according to Federal Housing Finance Agency data.
Home values have been rising more rapidly than mortgage debt on a consistently basis since the second quarter of 2011 allowing home owners to use their homes as personal banks.
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net, Vincent Del Giudice
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