Home equity loans

Since the launch of vacant-loan sales, a majority have come from properties located in 10 states, HUD reported.

Lowe's Cos. said its sales will fall further this year as consumers continue to hold off from sprucing up their homes amid higher mortgage rates and a drop in new construction projects.

Comparable sales fell 3.5% in its fiscal fourth quarter, Home Depot said Tuesday.

The top five banks and thrifts have nearly $96 billion in combined home equity loan portfolios as of September 30, 2023.

The outstanding amount that people ages 62 and up hold represented a nearly $15.4 billion gain in property value offset by a record $2.32 billion in borrowing.

Black, Hispanic and Asian homeowners had a 44%, 32% and 30% denial rate for HELOC products, while white homeowners had a 23% denial rate, an analysis of HMDA data by the Federal Reserve Bank of Philadelphia found.

As the leading player in a specialized niche within the consolidating mortgage market, Finance of America is being watched closely.

Home equity investment (HEI) agreements homeowners receive upfront cash payments in exchange for giving an investor a stake in the property and the right to collect returns.

Homeowners have over $29.3 trillion in combined home equity, yet accessing it is becoming less attractive, Point's report said.

High mortgage rates and little inventory explain why over 60% of homeowners did or will perform a repair project in the next year, a LendingTree survey found.