U.S. homeowners possess more housing wealth than ever before, with a collective $11.5 trillion in "tappable" home equity in the second quarter, according to Cotality. The total equity for borrowers with a mortgage reached $17.9 trillion, averaging $310,000 per homeowner, an increase of $6,000 from the previous quarter. Despite this, homeowners are not spending much of it; second mortgages or home equity lines of credit (HELOCs) originated in Q2 increased by nearly 20% compared to Q1, but still represented less than 0.1% of the total tappable equity. Cotality principal economist Thom Malone noted that those with the most housing wealth often have low mortgage rates, strong cash flow, and little reason to move, while consumers are also increasingly cautious about the economy and rising interest rates.