November 18, 2024 3:25 pm
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Home equity loans soar in metro Phoenix

second_mortgage_a094eBy Catherine Reagor | The Arizona Republic

(Editor’s note: This is a follow-up report to Home equity lending at 5-year high.)

Higher housing prices have led to a spike in second mortgages taken out by metro Phoenix homeowners. Home equity loans jumped 60 percent in the Valley during the second quarter compared to the same period one year earlier, according to a new RealtyTrac survey released Thursday. That compares to a 21 percent increase in second mortgages nationally.

Phoenix ranks fifth in the U.S. for the biggest increase in the percentage of new home-equity loans issued to homeowners.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.