The current fluctuating housing market has an impact on all homeowners... even if they're not looking to buy or sell.
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Home prices have dropped by 0.77% over the summer, as mortgage rates continue rising. While that has had an obvious impact on people looking to buy or sell a home, it also affects 'tappable equity' -- the amount homeowners can borrow against in a home equity loan.
Tappable equity dropped by 5% in June and July, and by as much as 20% in the hottest real estate markets such as San Diego or Seattle.
“Annual home price appreciation still came in at over 14%, but in a market characterized by as much volatility and rapid change as today’s, such backward-looking metrics can be misleading as they can mask more current, pressing realities,” wrote Ben Graboske, president of Black Knight Data & Analytics.
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Check out more details on CNBC.