As home prices have risen over the past few years, so have the number of homeowners who have seen an increase in the equity in their homes. Many of those homeowners refinanced their mortgages at sub-4% rates and are not interested in refinancing for a higher rate. But there appear to be plenty of homeowners who are interested in obtaining a home equity line of credit (HELOC).

According to data released today by RealtyTrac, 797,865 HELOCs were originated in the 12 months ending in June 2014. That represents a rise of nearly 21% above the previous 12 months and the highest level since June 2009. At the peak, U.S. homeowners in 2005-2006 originated 3.3 million HELOCs.

HELOC originations accounted for a more than 15% of all loan originations in the first 8 months of 2014, the highest percentage since 2008. The 5 metro areas with the biggest jumps in HELOC originations year-over-year were Riverside-San Bernardino-Ontario, CA (up 88%), Las Vegas-Paradise, NV (UP 85%), Cincinnati-Middletown, OH-KY-IN (up 81%), Sacramento–Arden-Arcade–Roseville, CA (up 65%), and Phoenix-Mesa- Scottsdale, AZ (UP 60%).

The 5 metro areas with the smallest year-over-year increases in HELOC originations were Minneapolis-St. Paul, MN (up 0.2%), Louisville, KY (up 3.3%), Philadelphia, PA (up 3.6%), Virginia Beach, VA (up 4.3%), and St. Louis, MO (up 5.6%).

The 5 metro areas with the highest share of HELOC originations as a percentage of all loan originations to date in 2014 are Honolulu, at 43.5%, followed by Rochester, NY (38.7%), Buffalo, NY (32.1%), Cleveland, OH (28.5%), and Milwaukee, WI (27.5%).

The 5 metro areas with the lowest share of HELOC originations as a percentage of all loan originations to date in 2014 is Las Vegas (5.8%), Dallas (6.5%), Riverside-San Bernardino (7.7%), Houston (7.9%), and Tucson (8%).

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