Rising home equity gives households more options

As current homeowners in Houston build equity, this could result in additional home equity installment loan activity.Rising Houston home prices are good for a number of reasons. While it make purchasing a home in the area a good investment, this development also gives current homeowners additional options to capitalize on their equity.Property values in Houston appreciated 4 percent in August from a year earlier, according to a report from the Houston Association of Realtors. This pushed the average single-family home price to $224,464.”August rounds out an extremely prosperous summer for the Houston real estate market,” said HAR chairman Wayne Stroman.As current homeowners in Houston build equity, this could result in additional home equity installment loan activity. This occurs when a borrower refinances their home loans against the equity of their property for cash. In turn, they can use these funds on other investments, such as home repairs and updates, pushing their property values even higher.Nationwide home equity installment balances increased 0.3 percent in August from the previous month, according to Equifax. This marked the first month-over-month gain since November 2007 and could result in additional activity in Houston and throughout the country in the near future.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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