Cleaning & Restoration Breaking News

Home Refinancing Totals $132 Billion

WASHINGTON (Reuters) - U.S. homeowners took advantage of falling interest rates and rising home values to extract $131.6 billion via mortgage refinancings in 2001 and early 2002, a study by Federal Reserve economists said on Thursday.

While consumers spent some of the money, they saved or invested more of it, according to a study published in the Federal Reserve Bulletin.

Homeowners used an estimated $20.7 billion of the cash for personal spending on items such as cars, vacations or medical services, the study said. Many others plowed an estimated $46.3 billion back into their homes for additions, new kitchens or items such as carpets or drapes, the study said.

Refinancers used about $28.1 billion to pay down non-mortgage debt and $5.8 billion to pay off second mortgages, the Fed study said. Around $27.5 billion in refinancing proceeds was invested in financial assets, real estate or businesses, it added.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view