The Real Deal Miami

HELOCs freeze over

June 09, 2008 10:37AM

Some lenders, including Washington Mutual, Countrywide Financial Corp., J.P. Morgan Chase & Co., Bank of America and Wells Fargo & Co., have cut or frozen home equity lines of credit (HELOCs) in Broward and Palm Beach counties, where home values have declined drastically over the past two years. Since peaking at $421,500 in November 2005, Palm Beach County’s median price for existing homes has fallen 26 percent to $314,000 in April, according to data from the Florida Association of Realtors. The median price for existing homes in Broward County has dropped 24 percent during the same period, to $298,100 from $391,000.