The increase is another consequence of a red-hot housing market. Double-digit price gains have driven some would-be homeowners out of the market. At the same time, rising home values are boosting the finances of the Americans who already own them.
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U.S. home equity hits highest level on record—$27.8t
“There’s more tappable equity than there’s ever been, but it’s simply become more expensive to borrow against the equity in your home,” Mr. Walden said.
