August 26, 2006

Homeowners Continue To Tap Equity

Homeowners Continue To Tap Equity �

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Many US homeowners continue to take cash out of their homes even as mortgage rates climb and home sales slip, helping to brace the economy, economists said. �

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This year, Americans who refinance their mortgages are expected to draw $257 billion of wealth out of their homes, according to mortgage finance giant Freddie Mac. � That's $13 billion more than the refinancing cash-out seen in 2005 — the hottest year of the recent housing boom. �

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