Home equity is back and homeowners are using it

HELOC

As home prices rise, homeowners are wasting no time making use of their newfound, or regained, home equity. In fact, while all mortgage originations rose in the third quarter of this year, the biggest gain was in home equity lines of credit (HELOCs).

Originations of these loans, which are often in addition to primary mortgages, jumped over 17 percent for the quarter, according to Inside Mortgage Finance, a mortgage industry publication: $20 billion in new HELOCs, which is the most quarterly volume for the product this year.

A Snapshot of Mortgages [INFOGRAPHIC]

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5 Latest Stats to Gauge Heat of the Market

From the National Association of Realtors:

For the second consecutive month, existing-home sales were on the rise in October, now above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®’ latest housing report.

Existing-home sales rose 1.5 percent to a seasonally adjusted annual rate of 5.26 million in October. Sales now are at their highest annual pace since September 2013.

“Buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory, and stabilizing price growth,” says Lawrence Yun, NAR’s chief economist. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”

Read the entire article here.

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Pet-Friendly Design: Making Room for the Dog Dish

Screen Shot 2014-10-27 at 3.32.30 PMIn a dog’s life, you eat on the floor. Except in kitchens like these, where pets are factored into the design

When I say there is nothing quite so unpleasant as stepping in a dog’s water dish, I speak from experience (no thanks, Augie). Like a good pet owner, I keep my pup’s water bowl filled with fresh water. It’s located in the kitchen, where I inevitably get busy and distracted and step in the drink. It has happened a lot, which goes to show you really can’t teach an old dog new tricks.

When I next remodel, I’m going to plan for this condition, using the clever ideas from these fellow pet owners as inspiration.

Single Women & Homeownership [INFOGRAPHIC]

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National Existing Home Sales Report

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Homeownership & America’s Youth [INFOGRAPHIC]

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Cost of borrowing across time

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Existing Home Sales Report

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