General World News

Borrowers withdrew $63B in equity in Q2

Homeowners withdrew $63 billion in equity in the second quarter of 2021, according to the latest numbers from Black Knight, the most in a single quarter in nearly 15 years.

There is still $9 trillion in tappable equity, a 37% increase year-over-year. The driver is, of course, spiking home prices in most places. Home values have risen so dramatically that the average homeowner could refinance their mortgage and withdraw $173,000, while retaining 20% equity in their home. The amount of such tappable equity increased $20,000 for the average homeowner from the prior quarter.

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