The "Home ATM" Mostly Closed in Q3
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Today, in the Calculated Risk Real Estate Newsletter: The "Home ATM" Mostly Closed in Q3
A brief excerpt: During the housing bubble, many homeowners borrowed heavily against their perceived home equity - jokingly calling it the “Home ATM” - and this contributed to the subsequent housing bust, since so many homeowners had negative equity in their homes when house prices declined.
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Here is the quarterly increase in mortgage debt from the Federal Reserve’s Financial Accounts of the United State
A brief excerpt: During the housing bubble, many homeowners borrowed heavily against their perceived home equity - jokingly calling it the “Home ATM” - and this contributed to the subsequent housing bust, since so many homeowners had negative equity in their homes when house prices declined.
...
Here is the quarterly increase in mortgage debt from the Federal Reserve’s Financial Accounts of the United State
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