Re: It's the Economy Stupid

Just ran across this article, at Kitchens.com. It's a synopsis of a discussion by a group of economists at the 2009 International Builders Show.

One paragraph caught my eye:

• Getting a home equity line of credit (HELOC) for a remodel is tough, Nothaft (Frank E. Nothaft, chief economist of Freddie Mac) said, because banks don’t want to offer what amounts to a second mortgage. Depending on when you bought your home, you may want to consider a cash-out refinance of your first mortgage instead.

This says it all for homeowners who plan to remodel but don't have all the cash they need to accomplish the task.

Peggy