(Bloomberg) -- Rising property values and record household wealth is allowing homeowners to use their homes as ATMs. In more than two-thirds of refinancing loans last quarter, homeowners pulled equity to finance consumer spending, property improvements and pay off other debts. While these refis rose to the highest share of total refinancings since early 2007, according to Federal Housing Finance Agency data, both the volume of total refinancings and cash-out refinancings decreased.
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Kristy Scheuble at kmckeaney@bloomberg.net, Chris Middleton
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