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- US homeowners are sitting on $29.6 trillion of home equity, according to the Federal Reserve.
- Higher mortgage rates have curbed cash-out refinancing, one way of tapping the equity.
- HELOCs are surging in popularity for homeowners who don't want to refinance or move.
Americans have record levels of equity in their homes after a decade of appreciation. As it turns out, they need it — and fast.
Homeowners are asking banks for credit lines in numbers not seen in years. With home-equity lines of credit, they cashed in on their homes to the tune of $14 billion last quarter, a third consecutive quarterly increase and the largest jump in more than a decade, according to the Federal Reserve Bank of New York.