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Over 1 million Americans took $63 billion out of their homes earlier this year - the most since the 2007 housing bubble

Over 1 million Americans took $63 billion out of their homes earlier this year - the most since the 2007 housing bubble

A bank employee counts US dollar notes in this file photo from May 16, 2016.
Kham/Reuters




More than $63 billion in home equity was tapped in the second quarter, according to Black Knight data.




That's the most since mid-2007 and comes as total homeowner equity hit a record $9.1 trillion.




It shows that homeowners are using their assets to generate cash - and a bubble-like dependence on credit.




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The white-hot US housing market has brought its fair share of troubles. Soaring prices have slashed affordability, and the country still sits in a dire home shortage.Those who own homes are using the strong market to take cash out of their properties - but that brings risks in its own right.More than $63 billion in equity was pulled out of homes across 1.1 million cash-out refinances in the second quarter, housing analytics firm Black Knight said in a Wednesday report. That's the largest single-quarter sum since mid-2007, when the housing bubble was on the brink of bursting and threatening the world economy.Broadly, owners now hold a record $9.1 trillion in home equity, according to the report. The average mortgage holder has $173,000 in tappable equity, up $20,000 from the end of the first quarter.
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