Recently it has come to my attention that due to a declining real estate market, banks are cutting the limits of customers equity lines of credit. I know many of you have equity lines with funds available for a rainy day or an upcoming remodel. You may not want to pull money from your home equity line and make the monthly payments, but if there is a possibility that you are counting on this money, think about it. I have heard several Oakland homeowners express their frustration when the money they have counted on was suddenly gone.
As always, when it comes to your finances, please consult your tax advisor or financial planner. I just want to give you the heads-up.
Okay this picture says nothing about Equity Lines of Credit, but I like to bring you beautiful pictures of the Oakland and Berkeley area. This photo is from the California Online Archives. Pictured here are children playing on the corner of Lee and Vernon Street.