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May 26, 2017

Home equity is back, but borrowing isn't

  • People are apparently leaving the wealth generated by rising home prices ‘locked up' in their homes.
  • By CHRISTOPHER S. RUGABER
    AP Economics Writer

    WASHINGTON — Alicia Johnson and her husband wanted to renovate their home last fall but ran into a roadblock: When they tried to refinance their mortgage and borrow against their equity, five banks said no.

    Problem was, the Johnsons' mortgage covered their home in Christiansburg, Virginia, and some adjacent land — a deal-breaker.


     
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