According to a new Freddie Mac report, homeowners took out less money from their home equity lines of credit this year than they did during the same period four years ago.

CNN Money reports:

“The amount of money Americans pulled out of their homes is at a four-year low as homeowners battle falling home values and stricter standards among lenders, Freddie Mac said Thursday.

Homeowners “cashed out” about $68 billion in home equity during the first half of the year, the lowest since the first six months of 2004, according to the McLean, Va.-based mortgage finance company.”

The report doesn’t mean that homeowners are happily cutting back on HELOC spending. On the contrary, these figures are likely due to HELOC freezes and desperate home equity applicants receiving rejections.

See Also:

HELOC Freeze Help

The Best HELOC Lenders 

Tags | Freddie Mac, Heloc, heloc crisis, heloc freeze, home equity line of credit