According to a report from Freddie Mac, U.S. homeowners pulled less money out of their homes in third quarter 2008 than they did a year ago.
The $99 billion in home equity “cashed out” through the first nine months of 2008 is half the amount taken out during the same period in 2007. It is also the lowest amount since 2004.
About $30 billion in home equity was cashed out through refinancing of loans made to prime borrowers in the third quarter, which is $10 billion less than the second quarter.
In the third quarter, 78 percent of homeowners who refinanced loans purchased by Freddie Mac cashed out at least 5 percent of their equity.
Source: Associated Press