Homeowners less likely to use their homes as personal piggy banks

Homeowners are not using their homes as personal piggy banks as much as they had before the housing crash despite their homes’ rising values, the Wall Street Journal reports.

Homeowners took $6.5 billion in cash equity out of their homes in the first quarter, less than the $6.7 billion they pulled out in the fourth quarter, according to a recent survey by Freddie Mac.

Cash-out refinancing has been slowing down since the housing crisis. The amount homeowners took out of their homes as equity in the first quarter has been lower in only three quarters since mid-2000, the Journal noted.

Source: Wall Street Journal