Homes as ATMs: It's starting again | WHAT REALLY HAPPENED

Homes as ATMs: It's starting again

As home values rise, homeowners are gaining more equity on paper — and they're taking it out in paper. Cash-out refinances jumped 68 percent in the second quarter from a year ago, according to Black Knight Financial Services. This is the highest volume of this type of refinance in five years.

"People realize that refinancing these funds is extremely inexpensive and that rates will eventually rise, so they're capitalizing on the strength of home price appreciation," said Ben Graboske, senior vice president at Black Knight Data & Analytics.

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