Declining Values Put Many Who Took Out Home-Equity Loans in a Bind That May Worsen
By J.W. Elphinstone
Associated Press
Homeowners started losing hold of their homes years before spiking foreclosures and the housing slump slammed the economy.
Piece by piece, some gave away part of their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others never owned one brick. During the country's most recent housing boom, the term "homeowner" threatened to become a misnomer as lenders offered 100 percent or more financing to some buyers.
Now, slipping home prices could further erode the value of many Americans' single largest asset, curbing consumer spending and jeopardizing retirement assets.
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