With untapped home equity at an all-time high of $14.4 trillion, homeowners could be poised to start cashing in, new research suggests.
Home equity — the difference between a property's value and the amount owed on it — is about $1 trillion higher than its peak in 2005 before the Great Recession, according to a TransUnion study released this week. By 2009, the level had dropped to about $6 trillion as the housing market struggled to recover.
"Consumers have been building up that equity over the last seven years or so," said Joe Mellman, senior vice president and mortgage business leader at TransUnion. "It has really come roaring back."