Home prices are 'going strong,' which means more home equity loans for homeowners

Aug 28, 2013

We see Michigan home prices, by and large, climbing back up from the depths of the Great Recession. 

Detroit-area home prices were 16% higher since less than one year ago. That's according to the Standard & Poor's Case-Shiller home price index. That means that home prices in the six counties of southeast Michigan are higher than they've been since 2008. 

Rebounding home values means that more people are able to tap into cash through home equity loans. But, if you're eyeing a home equity loan, be careful.

That's the advice from Detroit Free Press personal finance columnist Susan Tompor.

To listen to the audio interview, click the link above.