Morning Minute: Homeowners paying down mortgage debt, boosting home equity

As more Americans work to whittle down their mortgage debt, home equity rose to $6.7 trillion, the highest level since 2008, according to an analysis by Bloomberg. Homeowners are refinancing to lower rates, bringing more money to the table when they do and are opting for shorter-term mortgages.

In other news:

Illinois Hardest Hit Program helps Illinois homeowners save their homes after losing jobs. (Beacon-News)

Illinois forest preserves buying up property in today’s real estate market. (Chicago Tribune)

Foreclosures still an issue in Metro East market. Although foreclosures in St. Clair and Madison counties decreased in May compared to April, this year is on pace to exceed last year’s totals, the Belleville News-Democrat reports.

This entry was posted in Consumer Information, Housing Market, Uncategorized by Stephanie Sievers. Bookmark the permalink.

About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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