Larkspur/Behzad Zandinejad With the high prices in the nine-county Bay Area, more homeowners are taking advantage of available credit, according to a new report. On a year-over-year basis in June, there was a 16 percent increase in loans to $33 billion from the 71 credit unions headquartered in the Bay Area, according to the California Credit Union League. As of June 30, there was a 5 percent increase annually in the number of new members, which was a record high for the area peaking above 2.5 million. In the second quarter of 2016, homeowners were increasingly heading into Home Equity Lines of Credit (HELOCs), home equity loans (second mortgages) and cash-out refinance mortgages, the report shows. In home equity loans specifically, there was an 11 percent annual increase, reaching an outstanding $3.9 billion, or a 41 percent increase from the post-recession low. "The local surge in home-equity lending and cash-out refis reflects a strong national trend in homeowners in...
- In the entire nine-county Bay Area, 83 percent of the total 1.03 million mortgages had a minimum 20 percent equity as of June of this year.
- There was a 16 percent increase in loans to $33 billion as of June 30, 2016, a 78 percent increase since the post-recession low in 2010.
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