california home equity loan rate

Sacramento Residents Reducing Home-Equity Loan Use

(AP) SACRAMENTO Sacramento-area residents have reduced their use of home-equity loans at twice the rate of Californians as a whole in the early months of 2006, according to a new report. After area home-equity borrowing hit $7.6 billion in 2005, it fell by about 10 percent between January and April this year, according to DataQuick Information Systems, a La Jolla-based housing consultant. Statewide, borrowing fell by half that amount -- about 5.2 percent. The company examined property records in eight counties in the Sacramento area, with the most extreme borrowing decline taking place in Sutter County -- a drop of 41.7 percent from early 2005 to early 2006. Home values in the area are significantly lower than they were during the second half of 2005, and interest rates are up. Analysts say these factors could be to blame for the diminishing market for home-equity loans.

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Equity loans tumble in area

After tapping their home values for $22 billion in consumer spending during the recent housing boom, Sacramento-area residents have slowed their use of home-equity borrowing at twice the rate of Californians as a whole, according to a new report.

The use of home-equity loans or home-equity lines of credit for everything from buying new swimming pools to paying off credit cards fell by about 10 percent from January through April compared to the same period last year, reported DataQuick Information Systems, a La Jolla housing consultant.

The company's analysis included examining property records in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties.

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