Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments

(billions of dollars, except where noted; not seasonally adjusted)

Q1

1990
Q2

Q3

Q4

Q1

0.0
2,525.8
55.9
234.0
2,236.0
60.7

0.0
2,575.2
53.8
234.0
2,287.5
51.5

0.0
2,614.8
50.2
233.9
2,330.8
43.3

0.0
2,649.3
43.7
235.1
2,370.4
39.6

(8) Repayments
(7) Repayment rate [(8)/(5){t-1}]

95.2
0.0438

92.9
0.0416

92.4
0.0404

(9) Total originations [(6)+(8)]
(10) Refinance originations
(11)
Refinance share [(10)/(9)]
(12) Purchase originations [(9)-(10)]

156.0
31.8
0.2041
124.1

144.4
33.0
0.2288
111.4

All Mortgagees
(1) Net sales
(2) 1-4 mortgage debt outstanding, end of quarter (FOF)
(3) Construction loans
(4) Home equity loans
(5) Regular mortgages [(2)-(3)-(4)]
(6)
Change [(5)-(5){t-1}]

0.0
2,459.3
51.1
233.0
2,175.2

Q3

Q4

0.0
2,708.3
41.0
239.5
2,427.8
57.4

0.0
2,731.1
38.8
241.1
2,451.1
23.3

0.0
2,783.1
36.8
240.7
2,505.6
54.5

81.0
0.0347

119.6
0.0505

123.8
0.0510

113.5
0.0463

135.7
35.3
0.2604
100.4

120.6
43.5
0.3604
77.1

177.0
64.3
0.3634
112.7

147.1
48.1
0.3268
99.0

168.0
85.9
0.5113
82.1

0.4141
0.4651

0.4833
0.5623

0.4105
0.4779

0.4700
0.5813

0.5316
0.6341

0.5209
0.6157

142.1

143.5

117.6

99.6

147.3

146.0

124.2

183.9

167.2

149.7

115.5

166.8

148.9

122.8

1.2943
0.8234
0.7881
0.6489

33.0
12.6

1.1653
0.8234
0.7777
0.6403
26.7
2.47
14.5
1.34
30.8
12.2

1.2730
0.8234
0.7829
0.6446
16.6
1.53
6.9
0.63
32.7
9.7

1.1599
0.8234
0.7790
0.6414
25.0
2.28
15.9
1.45
22.2
9.1

1.1320
0.8234
0.7889
0.6495
44.6
4.01
29.9
2.69
23.9
14.7

1.0196
0.8234
0.7763
0.6392
8.6
0.77
-4.6
-0.41
23.1
13.2

0.9885
0.8234
0.7806
0.6427
38.4
3.38
25.8
2.27
22.7
12.6

8.2
0.5

7.8
-0.6

7.8
-0.7

7.7
0.7

9.6
3.8

7.1
1.0

7.7
-1.0

50.8

39.4

34.7

26.4

43.9

32.3

22.8

(13) GSE & Ginnie Mae purchases / total originations
(14) GSE, Ginnie Mae, & private MBS purchases / originations
(15) Value of homes purchased (source: Census and NAR)
(16) Value of homes purchased implied by purchase originations, the mortgaged
share, and the wted. loan-to-price ratio [{(12)/(19)}*(1+0.78*{(1-(18))/(18)}]
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)]
(18) Number of mortgaged purchases / total number of purchases
(19) Weighed loan-to-price ratio of homes purchased (described in the paper)
(20) Mortgaged share * loan-to-price ratio [(18)*(19)]
(21) Gross equity extraction
(22)
As a percent of disposable income
(23)
Net equity extraction [(21)-(26)]
(24)
As a percent of disposable income
(25) Memo: Originations to purchase new homes (see appendix E)
(26)
Closing costs (see footnote 4 in main paper)
Components of Gross Equity Extraction:
(27) Gross cash out
(28) Change in home equity debt outstanding - unscheduled payments
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation
Seasonally adjusted, annual rate:

112.6

1991
Q2

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
(30) Gross equity extraction
(31)
Net equity extraction
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation
(34) Gross cash out

147.8
103.2

147.3
92.7

13.5
-32.4

157.6
104.3

2.4

16.3

1.7

-2.6

132.2
28.3

146.1
34.9

117.2
33.7

105.9
31.3

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)

Q1

1992
Q2

Q3

Q4

Q1

1993
Q2

Q3

Q4

Q1

1994
Q2

Q3

Q4

Q1

1995
Q2

0.0
2,822.7
34.9
238.3
2,549.6
44.0

0.0
2,854.2
32.9
237.9
2,583.4
33.8

0.0
2,907.4
31.0
239.7
2,636.8
53.4

0.0
2,951.1
28.5
236.7
2,685.9
49.0

0.0
2,961.8
26.2
235.1
2,700.5
14.7

0.0
3,016.2
26.2
234.5
2,755.5
55.0

0.0
3,069.2
27.7
233.2
2,808.4
52.9

0.0
3,112.8
28.3
229.2
2,855.3
46.9

0.0
3,145.6
28.4
227.5
2,889.7
34.4

0.0
3,193.1
29.9
233.2
2,930.0
40.3

0.0
3,244.3
33.2
238.9
2,972.2
42.2

0.0
3,292.6
34.9
242.0
3,015.8
43.6

0.0
3,322.0
33.7
245.3
3,043.0
27.2

0.0
3,372.4
33.5
253.4
3,085.4
42.5

177.8
0.0710

203.3
0.0797

167.8
0.0649

227.2
0.0861

159.2
0.0593

237.3
0.0879

241.1
0.0875

291.3
0.1037

223.0
0.0781

155.2
0.0537

99.0
0.0338

79.8
0.0269

62.9
0.0209

96.5
0.0317

221.8
154.6
0.6968
67.3

237.1
131.3
0.5540
105.7

221.2
131.5
0.5946
89.7

276.2
181.0
0.6552
95.2

173.8
106.0
0.6096
67.9

292.3
195.0
0.6671
97.3

294.0
186.1
0.6328
107.9

338.2
242.1
0.7158
96.1

257.3
164.5
0.6394
92.8

195.5
70.1
0.3585
125.4

141.2
30.8
0.2179
110.5

123.4
28.2
0.2281
95.3

90.1
20.4
0.2271
69.6

139.0
32.2
0.2320
106.7

0.5270
0.6299

0.5739
0.6673

0.5005
0.6175

0.6294
0.7165

0.5489
0.6609

0.5971
0.6746

0.6044
0.7175

0.6466
0.7316

0.5791
0.7113

0.4945
0.5766

0.4438
0.5130

0.4219
0.4931

0.3920
0.4797

0.4687
0.5486

113.7

155.9

155.5

149.5

116.4

167.1

180.6

170.5

138.1

195.9

191.1

167.5

131.4

180.2

100.2

153.0

131.5

139.8

98.5

140.5

155.2

138.4

131.8

176.0

154.6

134.0

97.4

149.4

0.8818
0.8267
0.7807
0.6454
31.5
2.71
16.4
1.41
17.4
15.1

0.9810
0.8267
0.8042
0.6648
17.4
1.48
-0.6
-0.05
23.7
18.0

0.8458
0.8267
0.7932
0.6557
41.0
3.44
23.7
1.99
22.2
17.3

0.9356
0.8267
0.7924
0.6551
28.6
2.35
10.0
0.82
25.9
18.6

0.8459
0.8300
0.7993
0.6635
3.6
0.30
-9.1
-0.76
18.3
12.7

0.8410
0.8300
0.8031
0.6666
41.6
3.40
21.2
1.73
22.0
20.4

0.8595
0.8300
0.8064
0.6693
36.7
2.98
16.1
1.31
24.8
20.6

0.8120
0.8300
0.8052
0.6684
27.3
2.17
5.8
0.46
25.9
21.5

0.9546
0.8333
0.8138
0.6781
17.8
1.42
1.7
0.14
25.4
16.0

0.8986
0.8333
0.8239
0.6866
27.9
2.18
11.0
0.86
28.7
16.9

0.8092
0.8333
0.8257
0.6881
31.7
2.44
17.2
1.33
26.8
14.5

0.8003
0.8333
0.8217
0.6847
30.0
2.27
18.1
1.36
27.5
12.0

0.7411
0.8367
0.8234
0.6889
21.6
1.61
12.3
0.92
20.0
9.3

0.8291
0.8367
0.8231
0.6887
37.2
2.77
23.3
1.74
24.6
13.9

10.7
-3.1

11.3
-1.1

8.8
1.2

12.5
-3.6

10.0
-2.3

15.2
-1.3

13.7
-2.0

16.1
-4.7

15.0
-2.4

10.1
5.0

6.4
5.0

6.3
2.4

4.5
2.6

5.2
7.3

15.6

33.0

19.1

23.3

12.8

20.8

24.6

16.5

23.9

32.4

21.7

15.5

7.7

21.4

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
169.8
103.2

41.3
-28.5

140.1
79.2

123.2
44.2

53.3
-3.6

142.0
62.3

120.3
46.1

121.2
31.2

107.2
32.8

90.8
26.6

96.0
44.1

135.6
88.6

122.9
66.0

128.7
83.4

-11.9

-3.3

1.5

-12.7

-8.1

-5.4

-10.0

-17.4

-8.1

17.6

17.0

13.1

13.2

30.0

88.7
40.4

104.2
41.9

60.9
39.9

109.9
51.0

77.4
37.7

56.6
57.7

78.8
58.8

86.1
66.2

120.6
57.1

103.1
37.3

64.2
29.5

85.9
27.5

54.3
14.2

59.9
18.1

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1995
Q3

Q4

Q1

0.0
3,429.7
35.2
258.5
3,136.1
50.7

0.0
3,463.7
34.3
259.5
3,170.0
33.8

0.0
3,514.3
34.7
260.4
3,219.2
49.3

125.2
0.0406

132.5
0.0422

175.9
59.8
0.3401
116.1

1996
Q2

Q3

Q4

Q1

0.0
3,574.5
37.5
272.4
3,264.6
45.4

0.0
3,640.7
41.8
280.7
3,318.2
53.6

0.0
3,691.2
39.0
290.9
3,361.2
43.0

0.0
3,738.5
35.7
298.5
3,404.2
43.0

145.1
0.0458

168.2
0.0523

141.9
0.0435

120.8
0.0364

166.3
67.2
0.4043
99.1

194.4
102.7
0.5283
91.7

213.6
75.7
0.3545
137.9

195.5
51.4
0.2630
144.1

0.5273
0.6159

0.5997
0.6795

0.5376
0.6209

0.5376
0.6224

200.4

179.4

146.2

163.5

140.0

0.8162
0.8367
0.8180
0.6844
41.9
3.09
25.4
1.87
25.4
16.5

1997
Q2

Q3

Q4

Q1

0.0
3,794.0
37.6
312.0
3,444.5
40.3

0.0
3,888.5
39.0
323.7
3,525.8
81.3

0.0
3,932.5
39.9
332.0
3,560.6
34.7

0.0
4,002.0
40.8
336.1
3,625.1
64.5

120.7
0.0359

143.4
0.0421

157.3
0.0457

190.5
0.0540

163.8
57.1
0.3486
106.7

163.6
66.5
0.4065
97.1

183.7
58.0
0.3158
125.7

238.6
87.7
0.3673
151.0

0.4455
0.5242

0.4877
0.5791

0.4785
0.6149

0.4502
0.5793

213.0

220.5

195.4

159.8

129.2

192.7

204.0

150.9

0.7801
0.8367
0.8156
0.6824
20.7
1.51
6.3
0.46
26.0
14.5

0.8837
0.8400
0.8152
0.6847
38.4
2.76
24.5
1.76
23.9
13.9

0.9050
0.8400
0.8218
0.6903
40.9
2.89
22.5
1.59
29.0
18.4

0.9255
0.8400
0.8111
0.6813
42.3
2.96
24.7
1.72
32.1
17.7

7.2
4.3

7.3
0.2

10.6
0.1

13.0
11.2

23.6

14.8

20.0

36.5

1998
Q2

Q3

Q4

0.0
4,093.1
42.3
342.0
3,708.8
83.7

0.0
4,185.0
45.2
351.3
3,788.4
79.6

0.0
4,291.7
46.7
361.4
3,883.6
95.2

217.5
0.0611

297.1
0.0820

276.9
0.0747

310.3
0.0819

225.2
107.4
0.4768
117.8

282.0
185.0
0.6562
97.0

380.8
205.9
0.5407
174.9

356.5
186.5
0.5232
170.0

405.5
266.1
0.6562
139.4

0.4420
0.5747

0.5210
0.6937

0.5333
0.6842

0.5675
0.7161

0.5438
0.6994

0.5733
0.6918

227.9

243.8

219.4

184.1

272.7

286.8

254.7

135.8

175.0

212.1

164.5

136.2

244.5

237.8

196.4

0.7726
0.8400
0.8120
0.6821
36.2
2.50
21.3
1.47
29.8
14.9

0.8499
0.8433
0.8186
0.6903
36.5
2.48
23.3
1.59
27.1
13.2

0.7679
0.8433
0.8221
0.6933
39.8
2.68
21.2
1.43
27.2
18.5

0.8700
0.8433
0.8150
0.6873
74.7
4.96
53.6
3.56
31.8
21.1

0.7497
0.8433
0.8201
0.6916
27.6
1.80
8.5
0.55
29.4
19.2

0.7398
0.8467
0.8126
0.6880
59.7
3.81
39.8
2.54
23.0
19.9

0.8968
0.8467
0.8163
0.6911
71.0
4.46
42.9
2.70
33.2
28.1

0.8292
0.8467
0.8158
0.6907
68.4
4.24
40.6
2.52
35.3
27.8

0.7713
0.8467
0.8099
0.6857
87.1
5.34
59.4
3.64
33.5
27.7

10.7
7.4

8.8
9.4

10.6
6.8

11.0
12.6

12.5
10.8

12.5
7.5

17.7
3.2

24.2
5.1

20.1
8.4

24.5
9.1

38.7

14.4

18.7

21.6

37.7

17.2

12.9

49.7

39.8

22.7

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
132.4
74.0

101.7
45.8

193.7
110.6

139.0
85.8

129.0
64.2

169.7
111.3

187.8
106.9

130.7
81.3

256.0
177.0

139.8
61.1

282.9
182.0

250.4
160.3

226.2
119.2

385.0
269.2

11.5

3.0

3.9

44.9

23.6

40.4

31.6

49.1

37.0

33.1

18.7

17.6

26.3

40.2

70.3
32.9

85.6
31.7

102.5
37.8

121.4
49.6

128.4
46.8

85.9
38.0

97.8
36.7

62.4
42.3

123.8
54.7

96.2
52.9

77.6
64.1

175.4
95.6

128.2
85.3

119.2
101.4

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)

Q1

1999
Q2

Q3

Q4

Q1

2000
Q2

Q3

Q4

Q1

2001
Q2

Q3

Q4

Q1

2002
Q2

0.0
4,383.5
48.5
365.7
3,969.3
85.7

0.0
4,490.5
50.9
372.1
4,067.5
98.2

0.0
4,621.8
54.5
391.1
4,176.2
108.8

0.0
4,714.3
57.4
401.8
4,255.1
78.9

0.0
4,789.6
59.9
420.7
4,309.0
53.8

0.0
4,910.4
62.6
446.6
4,401.2
92.2

0.0
5,025.8
65.9
469.6
4,490.4
89.2

0.0
5,122.3
67.3
492.1
4,563.0
72.6

0.0
5,212.0
71.6
497.9
4,642.5
79.6

0.0
5,367.2
74.9
519.4
4,772.9
130.3

0.0
5,506.5
76.9
535.4
4,894.2
121.4

0.0
5,631.8
77.8
530.0
5,024.0
129.8

0.0
5,763.6
77.6
529.7
5,156.3
132.4

0.0
5,928.6
78.5
555.6
5,294.5
138.2

313.3
0.0807

259.1
0.0653

184.3
0.0453

160.0
0.0383

176.4
0.0415

169.9
0.0394

182.7
0.0415

221.5
0.0493

273.7
0.0600

426.4
0.0919

422.4
0.0885

534.8
0.1093

501.6
0.0998

385.6
0.0748

398.9
245.5
0.6154
153.4

357.3
158.6
0.4437
198.8

293.1
93.3
0.3185
199.7

238.9
75.1
0.3144
163.8

230.2
70.5
0.3061
159.8

262.1
63.9
0.2438
198.2

271.9
67.8
0.2493
204.1

294.1
98.4
0.3346
195.7

353.2
207.1
0.5863
146.1

556.7
325.8
0.5852
230.9

543.7
295.3
0.5430
248.5

664.5
486.4
0.7319
178.1

634.0
421.8
0.6654
212.2

523.8
272.5
0.5202
251.3

0.5897
0.7056

0.5201
0.6284

0.5018
0.5975

0.4528
0.5655

0.4010
0.5418

0.4563
0.5593

0.5249
0.6291

0.5547
0.6775

0.5165
0.6501

0.6100
0.7043

0.5753
0.6887

0.5601
0.7141

0.5847
0.7212

0.5299
0.6758

212.3

310.4

318.6

275.4

230.1

319.4

326.2

288.3

237.9

345.7

357.3

313.5

281.8

392.4

215.0

278.6

280.0

229.5

224.2

280.3

291.4

281.0

208.9

332.0

358.3

259.5

307.2

363.3

1.0127
0.8500
0.8117
0.6900
68.1
4.13
44.1
2.68
37.5
24.0

0.8978
0.8500
0.8116
0.6899
80.8
4.87
52.4
3.16
39.6
28.4

0.8787
0.8500
0.8115
0.6898
103.8
6.19
77.3
4.61
40.0
26.5

0.8335
0.8500
0.8117
0.6899
63.3
3.70
42.4
2.48
42.8
20.9

0.9746
0.8500
0.8106
0.6890
49.5
2.80
31.3
1.77
40.0
18.2

0.8776
0.8500
0.8045
0.6838
95.6
5.36
70.2
3.93
39.6
25.4

0.8933
0.8500
0.7968
0.6773
88.4
4.87
62.3
3.43
40.9
26.1

0.9745
0.8500
0.7924
0.6735
63.5
3.48
40.3
2.21
49.0
23.2

0.8780
0.8500
0.7957
0.6764
69.0
3.74
45.0
2.44
34.2
24.0

0.9604
0.8500
0.7912
0.6725
124.9
6.74
87.7
4.74
45.2
37.2

1.0030
0.8500
0.7888
0.6705
106.3
5.58
69.7
3.66
50.0
36.6

0.8277
0.8500
0.7810
0.6639
97.2
5.17
59.1
3.14
46.8
38.1

1.0905
0.8500
0.7856
0.6677
101.5
5.24
66.7
3.44
50.9
34.8

0.9257
0.8500
0.7870
0.6690
137.4
7.01
98.7
5.03
47.7
38.8

31.0
3.4

22.9
5.4

18.7
18.0

17.5
9.7

19.1
17.9

17.3
24.8

18.1
21.9

21.7
21.4

27.3
4.6

49.8
20.3

45.4
14.8

51.8
-6.6

63.8
-1.6

44.4
24.6

47.7

55.2

53.5

33.3

45.2

49.2

51.8

52.4

30.6

65.3

76.0

27.7

67.2

67.4

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
316.7
210.1

288.7
185.4

361.7
267.6

296.9
201.6

246.7
170.5

343.2
243.5

292.0
203.1

306.7
199.3

328.4
232.1

455.6
302.2

360.7
231.0

445.2
281.3

464.7
320.9

499.5
339.8

20.8

17.7

64.3

42.7

79.8

94.3

79.3

90.4

27.5

75.7

51.0

-7.9

-9.8

91.5

220.5
116.9

196.8
90.5

180.6
79.8

160.8
73.3

215.7
70.1

172.7
67.6

169.6
77.4

236.0
90.0

163.1
103.7

234.0
196.4

265.8
187.3

135.5
209.7

312.7
249.9

241.4
174.8

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
2002

Q3

Q4

2005
Q1

0.0
7,551.8
98.8
769.1
6,683.9
158.0

0.0
7,855.7
105.0
833.2
6,917.5
233.6

0.0
8,079.9
110.5
886.6
7,082.9
165.4

0.0
8,277.6
117.0
917.2
7,243.5
160.6

429.5
0.0677

656.9
0.1007

415.2
0.0621

521.4
0.0754

500.8
0.0707

694.6
405.1
0.5832
289.5

610.4
381.1
0.6244
229.3

814.9
461.2
0.5659
353.7

648.9
290.9
0.4483
358.0

686.8
364.1
0.5302
322.7

661.4
382.9
0.5789
278.5

0.5851
0.7031

0.4830
0.6673

0.4162
0.6432

0.4488
0.7130

0.3368
0.6796

0.3308
0.6750

0.3002
0.6474

446.8

499.5

435.5

368.2

571.5

580.5

521.4

424.5

306.6

430.0

515.4

432.8

349.9

534.0

525.9

476.3

413.0

0.9425
0.8500
0.7620
0.6477
163.2
8.28
112.1
5.69
57.3
51.1

1.0105
0.8500
0.7586
0.6448
151.4
7.58
105.6
5.29
48.8
45.8

0.9624
0.8500
0.7511
0.6384
188.3
9.31
125.7
6.21
56.2
62.6

1.0317
0.8500
0.7524
0.6396
191.4
9.25
122.6
5.93
65.6
68.8

0.9937
0.8500
0.7610
0.6468
130.4
6.27
85.5
4.11
70.3
44.8

0.9503
0.8500
0.7455
0.6337
185.4
8.75
146.6
6.92
55.2
38.8

0.9344
0.8500
0.7535
0.6405
177.5
8.28
119.4
5.57
65.9
58.1

0.9059
0.8500
0.7744
0.6582
260.2
12.00
206.7
9.53
69.6
53.5

0.9135
0.8500
0.7707
0.6551
176.3
7.90
126.7
5.68
75.6
49.6

0.9730
0.8500
0.7671
0.6521
163.7
7.36
119.9
5.39
61.5
43.8

43.6
19.3

62.3
6.0

75.2
12.8

76.9
22.3

87.5
27.8

57.8
32.8

43.9
28.0

58.6
52.6

58.7
62.5

67.8
51.6

77.4
28.9

46.9

52.1

52.1

72.4

101.7

74.4

49.4

91.2

91.5

77.8

75.4

Q3

Q4

Q1

0.0
6,120.0
81.0
576.2
5,462.8
168.3

0.0
6,317.4
81.2
583.6
5,652.6
189.8

0.0
6,494.6
83.1
597.8
5,813.7
161.2

516.0
0.0975

793.9
0.1453

684.2
455.2
0.6654
229.0

2003
Q2

Q3

Q4

Q1

0.0
6,715.1
85.3
621.6
6,008.1
194.4

0.0
6,945.9
87.2
651.0
6,207.7
199.6

0.0
7,120.2
90.0
685.3
6,345.0
137.2

0.0
7,335.2
94.5
714.8
6,525.9
180.9

763.4
0.1350

966.3
0.1662

1,053.7
0.1754

557.4
0.0898

983.7
752.5
0.7650
231.1

924.5
720.1
0.7789
204.4

1,160.7
876.7
0.7554
283.9

1,253.3
912.5
0.7280
340.9

0.5331
0.7000

0.6087
0.7347

0.5732
0.7056

0.5964
0.7244

393.2

366.1

303.4

337.6

345.0

0.8587
0.8500
0.7716
0.6559
165.0
8.41
120.2
6.13
45.9
44.7

2004
Q2

Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
590.3
427.7

714.1
502.3

668.1
474.2

696.1
447.0

693.3
435.9

588.4
400.7

804.6
636.3

650.5
424.4

966.0
769.2

776.9
567.9

714.8
528.7

68.4

30.0

62.1

80.8

102.6

137.4

123.5

200.8

241.3

213.1

127.9

150.2
180.3

230.3
251.3

257.0
296.3

261.3
304.4

368.7
356.4

315.0
232.7

252.2
172.1

335.1
230.4

325.1
241.0

327.3
272.4

360.0
306.5