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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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Use Your Home Equity Wisely
Web sites like www.LowerMyBills.com make it easy to find and compare various loan options. Here are some tips on how to use your home equity wisely.
* Pay off outstanding debt - "Credit card interest rates can be 10 or more percentage points higher than home equity loans or line of credit, so if you are dealing with mounting debt, it can make sense to pay off those credit cards using a lower-interest home equity loan," says Coffin. Just make sure to cut up the credit cards first.