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Homeowners cash out Q1 gains
U.S. homeowners cashed out over $24 bil in home equity in Q1, borrowing against rising home values. But Freddie Mac said these cashouts "hardly made a dent" in the $6 tril in equity in one-family homes. In '02, homeowners cashed out $96 bil in home equity vs. $84 bil in '01.
Consumer sentiment edges down
The ABC News/Money magazine consumer comfort index fell 4 points to -19 this week. In the prior four weeks, the index had risen 13 points from a long-term low. The index followed a similar pattern after the '91 Gulf War.
** June crude rose 0.56 to $25.80, ending a six-day fall amid a lower-than-expected rise in U.S. inventories, Nigeria strife and OPEC ...