Two indicators suggest Americans’ spending on remodeling is headed downwards despite hope that homeowners willingness to sit tight and not list their homes meant that a wave of home renovations are coming.
Homeowners are increasingly tapping their equity, taking advantage of big gains following years of soaring housing prices.
Expect the growth of homeowners’ spending on remodeling to slow significantly over the next six months, housing researchers say, as economic uncertainty slows and a pandemic-induced sugar high wears off.
Homeowners have seen the equity in their homes reach historic levels this year, but rising interest rates have put a serious dent in cash-out refinance volumes
With loan costs rising to their highest levels in more than two years, time may have run out on many homeowners thinking about refinancing. But could they turn to HELOCs to pay for things like renovations, instead?
The Warren Group is reporting the top lenders for FHA loans, as well as VA loans, home equity lines of credit and adjustable rate mortgages in Connecticut. The rankings include banks, credit unions and mortgage companies and are based on loan volume in 2019.
A perfect storm of record-high levels of unemployment, record low interest rates and increased reliance on digital interactions is putting consumer lenders to the test like never before.
If you’ve got it, don’t piggybank it – borrow against it.
Now that the recently enacted tax reform bill has eliminated the interest deduction for home equity loans, it is hard to predict how the product will perform going forward.
It’s a big and confusing question for many homeowners in the wake of the December tax law changes: Are new interest-deductible home equity credit lines (HELOCs) and second mortgages now totally out of reach going forward?
Do we really need another Zillow Zestimate-style online gizmo to tell us what a computer model says our homes are worth? Probably not.
A recent report from the Joint Center for Housing Studies of Harvard University predicts that home remodeling spending in the U.S. will peak in the middle of this year.
