For the first time since the real estate bubble, your ability to borrow against the value of your home is returning.

This is significant because over the last five years, there was almost no home equity line of credit (HELOC) activity and almost no second mortgage activity.

But now we have the highest equity on homes that we've had for years in the United States. So lenders want back into that game!

This is nothing like the crazed days of everybody treating their home like an ATM, but Equifax data shows three bubble states in particular have seen the largest increase in home equity lending. Those states include California, Florida, and Nevada.

In Florida, as just one example, you have a lot of people who are still upside down, but you also have many others who are buying homes for cash. With 100% equity, that makes them a perfect candidate for a loan.

We're not back to the craziness of "125s" where you could borrow the value of your house plus another 25% during the real estate bubble. But if you have 50% equity or 75% equity, this is a growth business for community banks and credit unions sitting on cash they need to lend out to low-risk borrowers.

In fact, I'm expecting the terms and conditions on HELOCs and second mortgages will get better and better for you as a borrower over the next 6 months.