????喜歡最近的美國牛市嗎？不如借此機會把家里翻修一新？顯然，對于從股市里賺的錢，有些投資者一直就是這么花的。

????財務(wù)顧問們表示，最近的美國股市大漲帶動了抵押類貸款的復(fù)蘇，這是自上次房地產(chǎn)繁榮期結(jié)束以來前所未見的景象。但這一次，人們不再動用價格上漲的房屋來換取現(xiàn)金。現(xiàn)如今，股票投資組合看起來是更勝一籌的選擇。

????財務(wù)規(guī)劃師們稱，最近幾個月，有客戶用保證金貸款購置房地產(chǎn)、收購小企業(yè)或解決在銀行傳統(tǒng)貸款到位前的資金缺口。

????“沒人想退出股市整整90天，”丹佛B(yǎng)rown Tedstrom財務(wù)規(guī)劃師馬克?布朗說?！叭藗儸F(xiàn)在就是不想賣?！?/p>

????據(jù)美國金融業(yè)監(jiān)管局（FINRA）的數(shù)據(jù)，今年早些時候，經(jīng)紀(jì)賬戶抵押貸款創(chuàng)下了歷史新高，而且還在繼續(xù)攀升。截至4月末，未償付的保證金貸款總額近4,090億美元。而在2007年7月上一次股市推動的借貸高峰時，貸款總額也僅為3,810億美元。

????貸款與泡沫往往相伴，而無度的貸款正是導(dǎo)致上次美國樓市崩潰的關(guān)鍵原因。因此，最近股票抵押貸款的增長讓一些人感到擔(dān)憂，特別是在美國股市已屢創(chuàng)新高，看起來直線上漲的情況之下。雖然上周三美國股市下跌，但美股全年都沒有出現(xiàn)過連續(xù)三天下跌的情況，這可不太尋常。最近《華爾街日報》（Wall Street Journal）的一篇文章稱，投資者不用那么擔(dān)心這些保證金貸款，因為人們并沒有用這些借來的錢買更多的股票，只是當(dāng)成一個獲得快錢的廉價渠道。

????這話或許本意是為了寬寬人們的心。但聽完卻讓人不由回想起美國樓市泡沫時期，那時人們用房屋資產(chǎn)凈值貸款購買游艇或改善生活。

????而且從一些傳言來看，似乎開始有更多的人抵押經(jīng)紀(jì)賬戶，購買房地產(chǎn)或為企業(yè)提供資金。新澤西州莫里斯敦RegentAtlantic的財務(wù)規(guī)劃師克里斯?科達羅最近就有一位客戶，以經(jīng)紀(jì)賬戶為抵押為正在念研究生的女兒在長灘購買了公寓。另一位客戶用保證金貸款在新澤西州紐瓦克開發(fā)商業(yè)房地產(chǎn)?？七_羅說，這位過去跑銀行拿房地產(chǎn)貸款的客戶已越來越依賴股票賬戶抵押?！捌渌J款已經(jīng)干涸了，”科達羅說?！叭绻阈枰唐谫Y金并擁有多樣化的證券投資組合，保證金貸款是很高效的方式。”

????亞特蘭大的財務(wù)規(guī)劃師米徹?雷納表示，他有幾位客戶利用保證金貸款為小企業(yè)收購進行了融資。他表示，最近已收到很多客戶詢問保證金貸款事宜。芝加哥周邊財務(wù)規(guī)劃師西恩?西博德表示，他最近有一位客戶利用保證金貸款擴展了自己的口腔外科業(yè)務(wù)?！叭ャy行會非常麻煩，”西博德說?！氨ＷC金貸款的利率很低，實際操作中也沒有交易成本?！?/p>

????Like the recent bull market? How about taking a home renovation to go with it? That apparently is what some investors have been doing with their stock gains.

????The recent run-up in the market, financial advisers say, has led to a resurgence of the type of loan not seen since the end of the housing boom -- cash out financing. But this time, though, people aren't tapping their inflated house for money. These days stock portfolios appear to be the well of choice.

????Financial planners say in recent months clients have taken out so-called margin loans to buy real estate, fund small business acquisitions, or to provide gap financing before a traditional loan could be secured from a bank.

????"No one wants to be out of the market for 90 days," says Mark Brown, a financial planner for Brown Tedstrom in Denver. "People just don't want to sell right now."

????Borrowing against brokerage accounts hit an all-time high earlier this year, according to data from FINRA, and has continued to go higher. Margin loans outstanding totaled nearly $409 billion at the end of April. That compares to $381 billion back in July 2007, the last time stock-market-fueled lending peaked.

????Debt is often seen in bubbles, and loose lending was a key part of what led to the housing bust. So the recent rise in stock market borrowing has some people nervous, especially at a time when the market is already making new highs, and seemingly headed straight up. Despite being down on Wednesday, the market has not suffered a three-day string of losses all year, which is not typical. Nonetheless, according to a recent Wall Street Journal article, investors should be less worried about all this margin debt because people aren't using the borrowed funds to buy more stocks, they are using it as a cheap source of fast cash.

????Somehow that was supposed to be reassuring. Instead, it feels more like a flashback to the housing bubble when people where taking out home equity loans to buy boats or just groceries.

????Anecdotally, it does seem that there are more people tapping their brokerage accounts to make real estate purchases or fund their business. Chris Cordaro, a financial planner at RegentAtlantic in Morristown, N.J., recently had one client borrow against his brokerage account to buy a condo in Long Island for his daughter, who is in grad school. Another is using money from a margin loan to develop commercial real estate in Newark, N.J. Cordaro says that the client, who used to go to a bank for real estate loans, has increasingly been turning to his stock account. "Other areas of borrowing have dried up," says Cordaro. "Margin is a very efficient if you have a short-term need and a diversified portfolio."

????Mitch Reiner, a financial planner in Atlanta, says he has had a few clients use margin loans to finance acquisitions for their small businesses. He says he's had a lot of inquiries from clients recently about margin lending. Sean Sebold, a financial planner outside Chicago, said he recently had a client use a margin loan to expand his oral surgery practice. "If you go to a bank it's going to be enormously burdensome," says Sebold. "The rates are very low on margin loans, and there are practically no transaction costs."