Fewer home equity line ads were sent out during the beginning of 2008, most likely due to the declining HELOC market.

Market Watch reports:

“New data from Mintel Comperemedia shows mortgage and home equity lenders still plagued by faltering home sales, credit woes and consumer anxiety. The direct marketing-tracking firm reports that these lenders have reduced direct mail by 50% when comparing the first six months of 2008 to the first six months of 2007.

Lenders sent an estimated 750 million secured loan mail pieces from January to June 2008. In 2007, they sent 1.5 billion during the same period, reports Mintel Comperemedia.”

Lenders are now more hesitant to create new HELOCs, especially for borrowers in areas with declining home values. However, these loans are still available to the most credit worthy.

See Also:

Homeowners Taking Out Less HELOC Cash This Year

Is a HELOC Right for You?

Tags | Heloc, heloc crisis, home equity line of credit