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Article: Americans Are Hooked On Home Equity Loans/Lines; One in four homeowners have both a mortgage and a home equity loan/line.(Survey)
- Article from:
- Gallup Poll News Service
- Article date:
- February 12, 2007
- Author:
CopyrightCOPYRIGHT 2007 Gallup Organization. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Dennis Jacobe
Synopsis: Home equity borrowing has grown rapidly during recent years, with one in four homeowners reporting they have both a first mortgage and a home equity loan or line in a new Experian/Gallup poll. One reason for concern: deteriorating conditions in the residential real estate market may significantly slow both home equity borrowing and consumer spending as 2007 unfolds.
PRINCETON, NJ -- The dollar amount of home equity loans and lines increased at a 14.6% annual rate over the first three quarters of 2006, according to the American Bankers Association. This is down from a 17.4% rate of growth in 2005 and a 31.2% increase in ...