Homeowners have used only 2% of their home equity

Homeowners in New York, California, and Washington State are sitting on massive amounts of home equity. CoreLogic Chief Economist Selma Hepp says many people are investing in their properties because they cannot easily move elsewhere. But there is a catch. Most people are avoiding borrowing against the value of their homes. "only about 2% of that equity has actually been tapped into because people are still worried about very high borrowing costs." A lot of value is sitting behind closed doors.