One of the pieces of good news about rising home values in Dallas is that homeowners could cash out as much as $132 billion (yes, with a “B”) in equity, analysis from lending marketplace Credible.com revealed.
The company’s analysts found that Dallas ranks first in Texas and 10th in the nation for total tappable equity — more than real estate hot spots like Miami, Denver, or Phoenix, thanks to median home values that are up 67 percent from their lowest point in 2012.
For comparison’s sake, Houston clocked in at $96 billion, Austin at $48 billion, and San Antonio was $24 billion.
What is “tappable equity?” Basically, it’s the amount of cash you can pull out of your home while keeping at least a 20 percent ownership stake in the home. Equity, in its simplest terms, is the difference of what your home is valued at compared to what you owe. (more…)