People get HELOCs now, intending to flip the house sometime soon. Suddenly the house depreciates substantially in value, they still have to pay for the HELOC and the mortgage for a house that they weren't planning on holding on to and can't get rid of and now they are trapped.
Sounds unsustainable. If enough people do that maybe we'll see some affordable housing soon!
I don’t know about what you have seen, but a lot of of banks are not even offering new HELOCs now.