Home prices are rising and making homeowners richer. But the number of home equity lines of credit are barely budging.
The overall equity that was tapped in the first quarter of this year was 1.17 percent, the lowest amount in four years, according to Black Knight, a mortgage software and analytics firm.
Many homeowners may not realize how rich in equity they really are. “I think the typical American doesn’t have that level of awareness; they’re not probably studying the numbers,” Ben Graboske, executive vice president of Black Knight’s Data & Analytics division, told CNBC.
The amount of tappable equity rose by 7 percent in the first quarter of this year compared to the previous quarter, according to a new report from Black Knight. That marks the largest single…