We know that home price growth is slowing , and cash-out refinancing has been coming back, still it is a bit of a stunner to find that homeowner equity actually declined in the third quarter of this year. Black Knight's current issue of its Mortgage Monitor reports that the amount of total equity (home value net of mortgage balance) held nationally by homeowners at the end of the third quarter was down by $160 billion compared to the second quarter of the year and now totals $9.8 trillion. Of that total, $5.9 trillion is considered "tappable," that is equity that can be withdrawn by the homeowner without hitting a maximum 80 percent combined loan-to-value (CLTV) ratio. That also fell, down by $140 billion quarter-over-quarter, the first decline since the housing recovery began in 2012. Both
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/12/10/3681
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