In spite of declining house prices and tightening credit, Americans
are continuing to pull cash out of their homes according
to Freddie Mac's Cash-Out Refinance Report for the fourth quarter of
2007, but in fewer numbers and much lower amounts than recorded even one
quarter earlier.
81 percent of Freddie Mac-owned loans that were refinanced during that
quarter resulted in new mortgages that were at least 5 percent higher
than the mortgages they replaced. During the third quarter 86
percent of refinances could be termed "cash-out."
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