Home equity hits record high

Source: CNBC

Homeowners are racking up record amounts of home equity, thanks to fast-rising values in today's competitive housing market. No surprise, more people are now starting to tap that cash. What are they spending it on?

Mostly making their homes even more valuable.
Renovation spending is soaring, and 80 percent of borrowers taking out home equity lines of credit say they would consider using that money to renovate, according to a survey released in December by TD.

Remodeling spending topped $152 billion in 2017, and renovations for owner-occupied single-family homes will increase 4.9 percent in 2018 over 2017, according to the NAHB. That does not include remodeling done by investors looking to flip or rent properties, both of which are increasing as well.