# Table 1

Estimates of the Net Proceeds Received by Sellers of Existing Homes and the Uses of Those Funds
(billions of dollars, except where noted)

(1) Value of existing homes sold (implied)
(2)
Sellers' debt cancellation
(3)
Closing costs on existing homes paid in cash
(4)
Home equity loans paid off at the time of sale
(5)
Net proceeds available to sellers of
existing homes [(1)-(2)-(3)-(4)]

1991

1992

1993

1994

1995

1996

1997

1998

1999

425.6
159.0
34.9
8.7

401.6
183.9
33.0
9.3

408.3
210.4
32.6
9.8

449.0
229.4
35.6
10.2

419.3
234.6
32.9
10.8

521.3
262.0
40.9
12.4

533.9
286.6
41.9
14.6

655.6
337.4
50.9
17.4

800.0
372.2
61.4
19.0

223.1

175.4

155.5

173.8

141.1

206.0

190.8

249.9

347.3

(6)
(7)
(8)
(9)

Value of existing homes sold by type:
Owner-occupied homes [(1-(18))*(1)]
Rental and vacant homes [(18)*(1)]

395.4
221.4
174.0
30.2

373.7
211.2
162.6
27.9

379.6
216.4
163.2
28.7

415.0
236.5
178.4
34.0

385.0
219.4
165.5
34.3

477.9
272.4
205.5
43.4

485.3
276.6
208.7
48.5

596.7
340.1
256.6
58.9

722.4
411.8
310.6
77.6

(10)
(11)
(12)
(13)

Sellers' debt cancellation by type:
Owner-occupied homes [{(6)/(1)}*(2)]
Rental and vacant homes [(2)-(10)]

147.7
82.7
65.0
11.3

171.1
96.7
74.4
12.8

195.6
111.5
84.1
14.8

212.0
120.8
91.2
17.4

215.4
122.8
92.6
19.2

240.1
136.9
103.3
21.9

260.5
148.5
112.0
26.1

307.0
175.0
132.0
30.4

336.1
191.6
144.5
36.1

(14)
(15)
(16)
(17)

Decomposition of the net proceeds available to sellers of
existing homes:
Owner-occupied homes [(6)-(10)-{(6)/(1)}*{(3)+(4)}]
Rental and Vacant [(5)-(14)]

207.2
116.1
91.2
15.9

163.2
92.2
71.0
12.2

144.6
82.4
62.2
10.9

160.7
91.6
69.1
13.1

129.6
73.8
55.7
11.5

188.9
107.7
81.2
17.1

173.5
98.9
74.6
17.3

227.5
129.7
97.8
22.4

313.6
178.8
134.8
33.7

0.0716
0.5600

0.0696
0.5650

0.0707
0.5700

0.0761
0.5700

0.0825
0.5700

0.0839
0.5700

0.0913
0.5700

0.0903
0.5700

0.0974
0.5700

Memo:
(18) Rental/vacant share of the value of homes purchased
(19) Repeat buyers' share of home purchases (AHS & Chicago Title)

See the appendix for a description of the data.

Table 1
Estimates of the Net Proceeds Received by Sellers of Existing Homes and the Uses of Those Funds
(billions of dollars, except where noted)

2000

2001

2002

2003

2004

2005

2006

Average
1991-2006

875.2
397.3
66.7
22.1

946.8
438.4
71.2
25.6

1,100.6
501.8
82.2
29.9

1,376.9
592.8
102.0
37.0

1,572.2
707.3
116.7
51.1

1,915.6
799.7
141.9
64.5

1,654.2
779.5
122.9
66.3

878.5
405.8
66.7
25.5

389.0

411.6

486.7

645.1

697.1

909.5

685.4

380.5

785.1
455.4
329.8
90.1

844.9
498.5
346.4
101.8

969.7
581.8
387.9
130.9

1,198.1
718.9
479.3
178.8

1,322.3
806.6
515.7
249.9

1,601.2
976.8
624.5
314.4

1,382.8
843.5
539.3
271.5

771.0
455.5
315.5
107.6

356.5
206.7
149.7
40.8

391.2
230.8
160.4
47.2

442.1
265.3
176.9
59.7

515.8
309.5
206.3
77.0

594.9
362.9
232.0
112.4

668.5
407.8
260.7
131.2

651.6
397.5
254.1
127.9

356.6
210.4
146.2
49.1

348.9
202.4
146.6
40.1

367.3
216.7
150.6
44.2

428.8
257.3
171.5
57.9

561.4
336.9
224.6
83.7

586.3
357.6
228.7
110.8

760.3
463.8
296.5
149.3

572.9
349.5
223.4
112.5

333.4
197.2
136.2
47.0

0.1033
0.5800

0.1079
0.5900

0.1189
0.6000

0.1303
0.6000

0.1599
0.6100

0.1641
0.6100

0.1641
0.6100

0.1051
0.5822

See the appendix for a description of the data.

Table 1
Estimates of the Net Proceeds Received by Sellers of Existing Homes and the Uses of Those Funds
(billions of dollars, except where noted)

(20)
(21)
(22)
(23)

Distribution of the Net Proceeds from Existing Home Sales
Fixed share:
Cash used to purchase a home [0.87*(20)]
0.870
PCE [0.03*(20)]
0.030
Financial investments and other [0.1*(20)]
0.100

116.1
101.0
3.5
11.6

92.2
80.2
2.8
9.2

82.4
71.7
2.5
8.2

91.6
79.7
2.7
9.2

73.8
64.2
2.2
7.4

107.7
93.7
3.2
10.8

98.9
86.0
3.0
9.9

129.7
112.8
3.9
13.0

178.8
155.5
5.4
17.9

(24)
(25)
(26)

PCE [0.15*(24)]
Financial investments and other [0.85*(24)]

Fixed share:
0.150
0.850

91.2
13.7
77.5

71.0
10.6
60.3

62.2
9.3
52.9

69.1
10.4
58.7

55.7
8.4
47.4

81.2
12.2
69.1

74.6
11.2
63.4

97.8
14.7
83.1

134.8
20.2
114.6

(27)
(28)
(29)
(30)

Rental and vacant homes [(17)]
Cash used to purchase a home [0.87*(27)]
PCE [0.03*(27)]
Financial investments and other [0.1*(27)]

Fixed share:
0.870
0.030
0.100

15.9
13.8
0.5
1.6

12.2
10.6
0.4
1.2

10.9
9.5
0.3
1.1

13.1
11.4
0.4
1.3

11.5
10.0
0.3
1.2

17.1
14.9
0.5
1.7

17.3
15.1
0.5
1.7

22.4
19.5
0.7
2.2

33.7
29.3
1.0
3.4

223.1
114.8
17.6
90.7

175.4
90.8
13.8
70.8

155.5
81.2
12.1
62.2

173.8
91.1
13.5
69.2

141.1
74.3
10.9
55.9

206.0
108.6
15.9
81.5

190.8
101.1
14.7
75.0

249.9
132.3
19.2
98.3

347.3
184.8
26.6
135.9

(31) Total [(5)]
(32) Cash used to purchase a home [(21)+(28)]
(33) PCE [(22)+(25)+(29)]
(34) Financial investments and other [(23)+(26)+(30)]

See the appendix for a description of the data.

Table 1
Estimates of the Net Proceeds Received by Sellers of Existing Homes and the Uses of Those Funds
(billions of dollars, except where noted)

202.4
176.1
6.1
20.2

216.7
188.6
6.5
21.7

257.3
223.8
7.7
25.7

336.9
293.1
10.1
33.7

357.6
311.1
10.7
35.8

463.8
403.5
13.9
46.4

349.5
304.1
10.5
34.9

197.2
171.6
5.9
19.7

146.6
22.0
124.6

150.6
22.6
128.0

171.5
25.7
145.8

224.6
33.7
190.9

228.7
34.3
194.4

296.5
44.5
252.0

223.4
33.5
189.9

136.2
20.4
115.8

40.1
34.9
1.2
4.0

44.2
38.5
1.3
4.4

57.9
50.4
1.7
5.8

83.7
72.8
2.5
8.4

110.8
96.4
3.3
11.1

149.3
129.9
4.5
14.9

112.5
97.9
3.4
11.2

47.0
40.9
1.4
4.7

389.0
211.0
29.3
148.8

411.6
227.0
30.4
154.1

486.7
274.2
35.2
177.3

645.1
365.9
46.3
232.9

697.1
407.5
48.4
241.2

909.5
533.3
62.9
313.3

685.4
401.9
47.4
236.1

380.5
212.5
27.8
140.2

See the appendix for a description of the data.

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)

(1)
(2)
(3)
(4)

Distribution of Equity Extraction to Consumer Spending, Home
improvements, Investments, and Debt Repayment
Free cash resulting from equity extraction [(2)+(3)+(4)]:
Home sales [(28)]
Home equity loans net of unscheduled payments [(47)-(48)-(16)]
Cash out refinancings [(85)]

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Used For:
Repayment of non-mortgage debt [(30)+(49)+(86)]
As a share of consumer credit debt outstanding, beg. of year
Home improvements [(50)+(87)]
As a share of outlays for residential improvements (NIPA)
Personal consumption expenditures [(31)+(51)+(88)]
As a share of total PCE
Acquisition of assets and other [(32)+(52)+(89)-(16)]

Memo:
PCE plus non-mortgage debt repayment [(5)+(9)]
As a share of total PCE
HE debt repayment resulting from home sales and refis [(27)+(84)]
As a share of HE debt outstanding, end of previous year
Unscheduled regular mortgage payments
Closing costs on existing home sales, refinancings, and home
equity loans [(26)+(48)+(83)]
(18) Gross equity extraction
(19) Turnover extraction + change in home equity loans outstanding net
of unscheduled payments + gross cash out [(24)+(46)+(82)-(16)]
(20)
Repayments discrepancy [(19)-(18)]
(12)
(13)
(14)
(15)
(16)
(17)

See the appendix for a description of the data.

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

262.2
223.1
21.3
17.8

212.2
175.4
11.4
25.3

193.2
155.5
11.2
26.4

223.4
173.8
32.2
17.4

184.5
141.1
30.7
12.8

277.1
206.0
49.2
21.8

276.0
190.8
59.4
25.9

346.9
249.9
50.1
46.9

467.2
347.3
74.4
45.6

553.4
389.0
131.8
32.6

626.9
411.6
109.4
105.9

12.1
0.0147
13.2
0.2318
26.3
0.0066
95.8

11.3
0.0139
12.8
0.2203
21.3
0.0050
75.9

12.5
0.0152
13.2
0.1949
19.3
0.0043
67.0

18.6
0.0210
16.4
0.2142
22.8
0.0048
74.4

16.1
0.0158
14.9
0.1868
19.6
0.0039
59.6

24.8
0.0212
24.5
0.2959
30.2
0.0057
89.0

28.9
0.0227
29.2
0.3285
32.4
0.0058
84.3

32.5
0.0242
33.6
0.3659
37.5
0.0064
111.0

39.6
0.0275
41.0
0.4315
51.1
0.0081
150.7

55.1
0.0354
54.8
0.5327
64.3
0.0095
168.2

61.5
0.0352
71.6
0.6548
79.2
0.0112
187.5

38.4
0.0096
16.8
0.0782
2.4

32.6
0.0077
19.1
0.0861
2.6

31.8
0.0071
20.8
0.0960
2.7

41.4
0.0087
24.1
0.1144
2.9

35.8
0.0072
18.4
0.0831
3.1

55.0
0.0105
27.8
0.1171
3.2

61.4
0.0111
28.9
0.1099
3.4

70.0
0.0119
41.2
0.1387
3.7

90.8
0.0145
54.6
0.1760
4.1

119.4
0.0177
64.0
0.1914
4.4

140.7
0.0199
77.1
0.1893
4.8

42.1
116.3

50.1
117.7

50.7
110.2

42.9
106.5

37.1
119.9

47.7
154.2

49.6
172.9

69.4
283.0

73.7
316.9

73.7
303.3

96.1
413.7

161.4
45.1

133.2
15.5

117.4
7.2

137.8
31.3

103.1
-16.8

177.4
23.3

176.3
3.4

232.8
-50.3

320.5
3.6

377.6
74.3

442.5
28.8

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)
Average
1991-2000 2001-2005 1991-2005

2002

2003

2004

2005

2006

756.0
486.7
129.3
140.0

1,000.8
645.1
182.5
173.2

1,165.1
697.1
322.3
145.7

1,423.1
909.5
316.2
197.3

1,126.2
685.4
267.1
173.7

299.6
225.2
47.2
27.2

994.4
630.0
211.9
152.4

531.2
360.1
102.1
69.0

71.0
0.0374
88.7
0.7669
101.1
0.0138
221.1

93.5
0.0465
116.0
0.9232
133.4
0.0173
292.0

124.2
0.0587
149.6
1.0840
170.0
0.0207
313.9

143.6
0.0643
165.5
1.0860
182.2
0.0208
398.5

125.1
0.0564
142.6
0.9129
147.7
0.0159
308.9

25.2
0.0212
25.4
0.3002
32.5
0.0060
97.6

98.8
0.0484
118.3
0.9030
133.2
0.0168
282.6

49.7
0.0302
56.3
0.4113
66.1
0.0096
159.3

172.1
0.0234
79.5
0.1786
5.3

227.0
0.0295
97.4
0.1944
6.1

294.2
0.0358
145.7
0.2456
6.8

325.8
0.0373
190.3
0.2445
7.7

272.8
0.0294
171.7
0.1879
8.6

57.7
0.0106
31.6
0.1191
3.3

231.9
0.0292
118.0
0.2105
6.1

115.8
0.0168
60.4
0.1496
4.2

116.8
611.1

151.7
656.1

144.7
899.3

169.3
907.8

147.0
646.1

53.7
180.1

135.7
697.6

81.0
352.6

529.9
-81.2

692.0
35.9

803.7
-95.5

971.9
64.1

769.5
123.5

193.7
13.7

688.0
-9.6

358.5
5.9

See the appendix for a description of the data.

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)
Equity Extracted Through Home Sales
(21) Value of existing home sales (implied)
(22)
Existing home extensions
(23)
Sellers' debt cancellation
(24) Turnover Extraction [(22)-(23)]
(25)
+ Cash used to purchase existing homes
(26)
- Total closing costs paid in cash [(41)]
(27)
- Home equity loans paid off at time of sale
(28)
= Net proceeds available to sellers of existing homes
Used for:
(29)
Home purchase (repeat buyers & investors; new & existing)
(30)
Repayment of non-mortgage debt
(31)
PCE
(32)
Investments (excluding homes)
Memo:
(33) PCE plus repayment of non-mortgage debt [(30)+(31)]
(34)
Closing costs paid in cash, ex. commissions [(0.0165)*(21)]
(35)
Commissions on existing sales [(0.055)*(21)]
(36) Total closing costs paid in cash to purch. existing homes [(34)+(35)]
Fixed parameters:
(37)
Commission rate on existing homes
0.0550
(38)
Other closing costs paid in cash / home price
0.0165
(39) Points, share of loan amount (FHFB, new and existing homes)
(40) Points paid [(39)*(22)]
(41) Total closing costs paid in cash [(36)+(40)]
(42) Value of new home sales (implied)
(43) Closing costs and points on new homes
(44) Total closing costs on home sales [(43)+(41)}]

See the appendix for a description of the data.

425.6
282.8
159.0
123.8
142.9
34.9
8.7
223.1

401.6
272.5
183.9
88.6
129.1
33.0
9.3
175.4

408.3
281.8
210.4
71.5
126.5
32.6
9.8
155.5

449.0
320.6
229.4
91.2
128.4
35.6
10.2
173.8

419.3
300.7
234.6
66.1
118.6
32.9
10.8
141.1

521.3
373.9
262.0
111.9
147.4
40.9
12.4
206.0

533.9
384.5
286.6
97.9
149.4
41.9
14.6
190.8

655.6
472.0
337.4
134.7
183.5
50.9
17.4
249.9

800.0
579.5
372.2
207.3
220.4
61.4
19.0
347.3

875.2
625.8
397.3
228.5
249.4
66.7
22.1
389.0

946.8
666.3
438.4
227.9
280.4
71.2
25.6
411.6

114.8
0.0
17.6
90.7

90.8
0.0
13.8
70.8

81.2
0.0
12.1
62.2

91.1
0.0
13.5
69.2

74.3
0.0
10.9
55.9

108.6
0.0
15.9
81.5

101.1
0.0
14.7
75.0

132.3
0.0
19.2
98.3

184.8
0.0
26.6
135.9

211.0
0.0
29.3
148.8

227.0
0.0
30.4
154.1

17.6
7.0
23.4
30.4

13.8
6.6
22.1
28.7

12.1
6.7
22.5
29.2

13.5
7.4
24.7
32.1

10.9
6.9
23.1
30.0

15.9
8.6
28.7
37.3

14.7
8.8
29.4
38.2

19.2
10.8
36.1
46.9

26.6
13.2
44.0
57.2

29.3
14.4
48.1
62.6

30.4
15.6
52.1
67.7

0.0157
1.1
34.9
131.4
8.3
43.2

0.0157
1.1
33.0
125.4
7.9
40.9

0.0122
0.9
32.6
125.7
7.6
40.2

0.0110
0.9
35.6
149.2
8.9
44.6

0.0097
0.7
32.9
132.8
7.8
40.7

0.0096
0.9
40.9
160.8
9.5
50.3

0.0098
0.9
41.9
157.9
9.3
51.3

0.0085
1.0
50.9
173.8
10.1
61.0

0.0073
1.1
61.4
227.1
13.0
74.4

0.0067
1.0
66.7
248.6
14.1
80.8

0.0053
0.9
71.2
256.8
14.3
85.5

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)

1,100.6
757.8
501.8
255.9
342.8
82.2
29.9
486.7

1,376.9
916.3
592.8
323.5
460.6
102.0
37.0
645.1

1,572.2
1,066.1
707.3
358.7
506.1
116.7
51.1
697.1

1,915.6
1,295.2
799.7
495.5
620.4
141.9
64.5
909.5

1,654.2
1,150.6
779.5
371.0
503.7
122.9
66.3
685.4

549.0
389.4
267.3
122.1
159.6
43.1
13.4
225.2

1,382.4
940.3
608.0
332.3
442.1
102.8
41.6
630.0

826.8
573.1
380.9
192.2
253.7
63.0
22.8
360.1

274.2
0.0
35.2
177.3

365.9
0.0
46.3
232.9

407.5
0.0
48.4
241.2

533.3
0.0
62.9
313.3

401.9
0.0
47.4
236.1

119.0
0.0
17.4
88.8

361.6
0.0
44.6
223.8

199.9
0.0
26.5
133.8

35.2
18.2
60.5
78.7

46.3
22.7
75.7
98.4

48.4
25.9
86.5
112.4

62.9
31.6
105.4
137.0

47.4
27.3
91.0
118.3

17.4
9.1
30.2
39.3

44.6
22.8
76.0
98.8

26.5
13.6
45.5
59.1

0.0046
0.9
82.2
289.0
16.0
98.2

0.0038
0.9
102.0
343.4
18.8
120.8

0.0040
1.1
116.7
403.7
22.1
138.8

0.0038
1.2
141.9
489.0
26.7
168.6

0.0041
1.2
122.9
445.9
24.4
147.4

0.0106
0.9607
43.1
163.3
9.6
52.7

0.0043
0.9872
102.8
356.4
19.6
122.4

0.0085
0.9695
63.0
227.6
13.0
76.0

See the appendix for a description of the data.

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)
Home Equity Loans
(45) Level of home equity loans outstanding (FOF)
(46)
Change
(47)
+ HE debt repayments from other EE [(46)+(14)]<1>
(48)
Transactions costs [(57)+(65)]
(49)
Repayment of non-mortgage debt [(58)+(66)]
(50)
Home improvements [(59)+(67)]
(51)
PCE [(60)+(68)]
(52)
Real estate and business expenses [(61)+(69)]
(53) Memo: PCE plus repayment of non-mortgage debt [(49)+(51)]

222.0
7.3
24.1
0.4
7.3
7.1
5.6
3.7
12.9

217.1
-4.9
14.2
0.2
4.5
4.2
3.2
2.1
7.7

210.4
-6.7
14.1
0.2
5.4
4.2
2.6
1.8
8.0

221.8
11.4
35.5
0.4
13.9
10.5
6.4
4.3
20.3

237.5
15.7
34.1
0.3
12.7
10.6
6.5
4.0
19.3

262.6
25.1
52.9
0.4
18.9
17.1
10.6
5.9
29.4

297.0
34.4
63.3
0.5
21.9
20.4
13.4
7.1
35.3

309.9
13.0
54.1
0.4
19.9
17.6
10.3
6.0
30.2

334.3
24.4
79.0
0.5
27.3
25.5
16.8
8.8
44.1

407.4
73.0
137.0
0.8
46.3
43.7
29.5
16.7
75.8

445.1
37.8
114.9
0.7
32.9
35.6
30.8
14.8
63.7

(54) Level of closed-end home equity loans (FOF)
(55)
Change
(56)
+ HE repayment from other EE [{(54)/(45)}{t-1}*(14)+(55)]<1>
(57)
Transactions costs [(78)*(56)]
(58)
Repayment of non-mortgage debt [(70)*{(56)-(57)}]
(59)
Home improvements [(71)*{(56)-(57)}]
(60)
PCE [(72)*{(56)-(57)}]
(61)
Real estate and business expenses [(73)*{(56)-(57)}]

110.3
-1.5
7.1
0.1
3.8
2.1
0.7
0.5

105.7
-4.7
4.8
0.0
2.5
1.4
0.4
0.3

103.0
-2.6
7.5
0.1
4.0
2.2
0.7
0.5

111.2
8.2
20.1
0.2
10.7
6.0
1.9
1.4

121.2
10.0
19.3
0.1
9.6
6.1
1.8
1.7

137.4
16.2
30.7
0.2
14.1
10.4
2.8
3.2

156.3
18.9
34.1
0.2
15.6
11.5
3.1
3.6

167.9
11.6
33.5
0.2
15.4
11.4
3.0
3.5

180.2
12.3
42.1
0.2
19.4
14.3
3.8
4.4

216.9
36.8
71.0
0.3
32.1
23.7
6.3
8.5

212.4
-4.6
35.6
0.2
15.9
11.8
3.1
4.6

(62) Level of home equity lines of credit (FOF)
(63)
Change
(64)
+ HE repayment from EE [{(62)/(45)}{t-1}*(10)+(63)]<1>
(65)
Transactions costs [(79)*(64)]
(66)
Repayment of non-mortgage debt [(74)*{(64)-(65)}]
(67)
Home improvements [(75)*{(64)-(65)}]
(68)
PCE [(76)*{(64)-(65)}]
(69)
Real estate and business expenses [(77)*{(64)-(65)}]

111.7
8.8
17.0
0.3
3.5
5.0
5.0
3.2

111.5
-0.2
9.5
0.1
2.0
2.8
2.8
1.8

107.3
-4.1
6.6
0.1
1.4
2.0
1.9
1.2

110.6
3.2
15.4
0.2
3.2
4.6
4.5
2.9

116.2
5.7
14.8
0.2
3.1
4.5
4.8
2.3

125.1
8.9
22.2
0.2
4.8
6.7
7.8
2.6

140.7
15.6
29.2
0.3
6.3
8.9
10.3
3.5

142.0
1.4
20.6
0.2
4.4
6.3
7.3
2.5

154.2
12.1
36.8
0.3
8.0
11.2
13.0
4.4

190.4
36.3
66.0
0.5
14.2
20.0
23.2
8.2

232.8
42.3
79.3
0.6
16.9
23.9
27.7
10.2

0.5354
0.2992
0.0945
0.0709

0.5354
0.2992
0.0945
0.0709

0.5354
0.2992
0.0945
0.0709

0.5354
0.2992
0.0945
0.0709

0.4988
0.3201
0.0927
0.0885

0.4621
0.3409
0.0909
0.1061

0.4621
0.3409
0.0909
0.1061

0.4621
0.3409
0.0909
0.1061

0.4621
0.3409
0.0909
0.1061

0.4549
0.3356
0.0895
0.1200

0.4497
0.3318
0.0885
0.1300

0.2123
0.3019
0.2972
0.1887

0.2123
0.3019
0.2972
0.1887

0.2123
0.3019
0.2972
0.1887

0.2123
0.3019
0.2972
0.1887

0.2150
0.3043
0.3264
0.1543

0.2178
0.3067
0.3556
0.1200

0.2178
0.3067
0.3556
0.1200

0.2178
0.3067
0.3556
0.1200

0.2178
0.3067
0.3556
0.1200

0.2166
0.3050
0.3535
0.1250

0.2153
0.3032
0.3515
0.1300

0.0110
0.0169

0.0101
0.0157

0.0092
0.0146

0.0082
0.0134

0.0073
0.0123

0.0066
0.0111

0.0059
0.0099

0.0052
0.0088

0.0050
0.0082

0.0048
0.0077

0.0046
0.0072

(70)
(71)
(72)
(73)
(74)
(75)
(76)
(77)

Shares of Closed-end loans used for:
Repayment of non-mortgage debt
Home improvements
PCE
Shares of lines of credit used for:
Repayment of non-mortgage debt
Home improvements
PCE

Memo: costs of obtaining HE loans as a share of loan amount
(78) Closed-end
(79) HELOCS
1. HE repayment from other EE (equity extraction): repayments of home
equity loans from the proceeds of home sales or cash our refinancings.

See the appendix for a description of the data.

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)

501.1
56.0
135.5
0.9
33.2
41.1
42.1
18.3
75.3

593.4
92.3
189.7
1.1
46.8
57.1
57.7
27.0
104.5

778.6
185.2
330.9
1.8
84.9
100.0
96.8
47.4
181.7

913.8
135.3
325.6
1.7
90.3
98.4
85.8
49.5
176.1

1,019.2
105.4
277.1
1.4
78.2
83.6
70.8
43.2
149.0

272.0
19.3
50.8
0.4
17.8
16.1
10.5
6.0
28.3

646.4
101.3
219.3
1.2
57.6
66.5
62.6
31.4
120.2

396.8
46.6
107.0
0.7
31.1
32.9
27.9
14.5
59.0

195.2
-17.2
19.0
0.1
8.4
6.2
1.7
2.6

190.4
-4.8
30.0
0.1
13.0
9.6
2.5
4.8

214.7
24.3
67.2
0.3
29.0
21.4
5.7
10.7

261.1
46.4
100.6
0.4
43.0
31.7
8.5
17.0

302.5
41.3
92.5
0.4
39.5
29.2
7.8
15.7

141.0
10.5
27.0
0.2
12.7
8.9
2.4
2.8

214.8
8.8
50.5
0.2
21.9
16.1
4.3
8.0

165.6
10.0
34.8
0.2
15.8
11.3
3.1
4.5

305.9
73.2
116.5
0.8
24.8
34.9
40.4
15.6

403.0
97.1
159.7
1.0
33.8
47.6
55.2
22.2

563.8
160.8
263.7
1.5
55.8
78.6
91.1
36.7

652.7
88.8
225.1
1.3
47.4
66.7
77.3
32.4

716.8
64.1
184.6
1.1
38.6
54.4
63.0
27.5

131.0
8.8
23.8
0.2
5.1
7.2
8.0
3.2

431.6
92.5
168.9
1.0
35.7
50.3
58.3
23.4

231.2
36.7
72.2
0.5
15.3
21.6
24.8
10.0

0.4446
0.3280
0.0875
0.1400

0.4342
0.3203
0.0854
0.1600

0.4342
0.3203
0.0854
0.1600

0.4291
0.3165
0.0844
0.1700

0.4291
0.3165
0.0844
0.1700

0.4944
0.3216
0.0924
0.0916

0.4384
0.3234
0.0862
0.1520

0.4757
0.3222
0.0903
0.1117

0.2141
0.3015
0.3495
0.1350

0.2129
0.2998
0.3475
0.1400

0.2129
0.2998
0.3475
0.1400

0.2117
0.2981
0.3455
0.1450

0.2105
0.2964
0.3434
0.1500

0.2152
0.3043
0.3291
0.1514

0.2134
0.3005
0.3483
0.1380

0.2146
0.3031
0.3355
0.1469

0.0045
0.0067

0.0043
0.0062

0.0041
0.0058

0.0041
0.0057

0.0041
0.0057

0.0073
0.0119

0.0043
0.0063

0.0063
0.0100

See the appendix for a description of the data.

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)
Cash Out Refinancings
(80) Refinance originations
(81) Repayments resulting from refinancings (first liens)
(82)
Gross cash out [(80)-(81)]
(83)
Closing costs [(94)*(80)]
(84)
Home equity loan repayments [(96)*(80)]
(85)
Free cash generated by refinancings [(82)-(83)-(84)]
Used for:
(86)
Repayment of non-mortgage debt [(0.27)*(85)]
(87)
Home improvements [(0.34)*(85)]
(88)
PCE [(0.17)*(85)]
(89)
Acquisition of assets and other [(90)+(91)]
(90)
Financial assets [(0.075)*(85)]
(91)
Real estate or business investments [(0.145)*(85)]
(92) PCE plus repayment of non-mortgage debt [(88)+(86)]

(93)
(93)
(94)
(95)
(96)
(97)
(98)

Memo:
Gross cash out share [(82)/(80)]
GCO share, no-cash out loans (inferred from Freddie Mac data)
Fees and points / refinance orig. [(0.0125)+(95)]
Points (FHFB) [(39)]
Home equity loans paid of at refi. / refi orig. [(93)-(94)]
Free cash as a share of refinance originations [(85)/(80)]
Ratio: Free cash / gross cash out [(85)/(82)]

242.8
210.1
32.7
6.8
8.1
17.8

601.8
549.8
52.0
16.9
9.8
25.3

732.9
677.4
55.4
17.9
11.1
26.4

295.4
257.2
38.1
6.9
13.9
17.4

181.3
156.8
24.4
4.0
7.7
12.8

290.5
246.8
43.7
6.4
15.4
21.8

324.3
277.0
47.4
7.2
14.3
25.9

864.0
775.2
88.8
18.1
23.7
46.9

588.2
495.4
92.9
11.7
35.5
45.6

316.8
236.3
80.5
6.1
41.9
32.6

1,363.3
1,181.7
181.6
24.1
51.5
105.9

4.8
6.0
3.0
3.9
1.3
2.6
7.8

6.8
8.6
4.3
5.6
1.9
3.7
11.1

7.1
9.0
4.5
5.8
2.0
3.8
11.6

4.7
5.9
2.9
3.8
1.3
2.5
7.6

3.4
4.3
2.2
2.8
1.0
1.9
5.6

5.9
7.4
3.7
4.8
1.6
3.2
9.6

7.0
8.8
4.4
5.7
1.9
3.8
11.4

12.7
16.0
8.0
10.3
3.5
6.8
20.6

12.3
15.5
7.7
10.0
3.4
6.6
20.1

8.8
11.1
5.5
7.2
2.4
4.7
14.3

28.6
36.0
18.0
23.3
7.9
15.4
46.6

0.1348
0.0645
0.0282
0.0157
0.0362
0.0731
0.5424

0.0865
0.0441
0.0282
0.0157
0.0159
0.0421
0.4864

0.0756
0.0417
0.0247
0.0122
0.0169
0.0361
0.4770

0.1291
0.0921
0.0235
0.0110
0.0686
0.0587
0.4552

0.1347
0.0757
0.0222
0.0097
0.0535
0.0704
0.5228

0.1503
0.0793
0.0221
0.0096
0.0572
0.0751
0.4997

0.1461
0.0694
0.0223
0.0098
0.0472
0.0798
0.5462

0.1028
0.0490
0.0210
0.0085
0.0279
0.0543
0.5283

0.1579
0.0932
0.0198
0.0073
0.0734
0.0775
0.4908

0.2541
0.1550
0.0192
0.0067
0.1358
0.1029
0.4048

0.1332
0.0582
0.0178
0.0053
0.0404
0.0777
0.5835

1998:Q11999:Q1

2001:Q12002:Q2

0.2800
0.3300
0.1800
0.0200
0.1900

0.2600
0.3500
0.1600
0.1100
0.1200

Lines 93 and 93: source Freddie Mac and our estimates

Share of Free Cash Used for
(a) Repayment of nonmortgage debt
(b) Home improvements
(c) PCE
(d) Stock market and other investments
(e) Real estate, business investment, or taxes

See the appendix for a description of the data.

Average
0.2700
0.3400
0.1700
0.0750
0.1450

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)

1,984.4
1,761.1
223.3
33.7
49.6
140.0

3,006.9
2,724.7
282.2
48.7
60.4
173.2

1,590.4
1,323.8
266.6
26.2
94.6
145.7

1,582.3
1,233.5
348.8
25.7
125.8
197.3

1,366.8
1,065.1
301.7
22.6
105.4
173.7

443.8
388.2
55.6
10.2
18.1
27.2

1,905.5
1,645.0
260.5
31.7
76.4
152.4

931.0
807.1
123.9
17.4
37.6
69.0

37.8
47.6
23.8
30.8
10.5
20.3
61.6

46.8
58.9
29.4
38.1
13.0
25.1
76.2

39.4
49.6
24.8
32.1
10.9
21.1
64.1

53.3
67.1
33.5
43.4
14.8
28.6
86.8

46.9
59.0
29.5
38.2
13.0
25.2
76.4

7.4
9.3
4.6
6.0
2.0
4.0
12.0

41.2
51.8
25.9
33.5
11.4
22.1
67.1

18.6
23.5
11.7
15.2
5.2
10.0
30.3

0.1125
0.0470
0.0171
0.0046
0.0299
0.0706
0.6270

0.0939
0.0399
0.0163
0.0038
0.0236
0.0576
0.6136

0.1676
0.0764
0.0165
0.0040
0.0599
0.0916
0.5466

0.2205
0.0954
0.0163
0.0038
0.0792
0.1247
0.5656

0.2207
0.0930
0.0166
0.0041
0.0764
0.1271
0.5756

0.1372
0.0764
0.0231
0.0106
0.0533
0.0670
0.4954

0.1455
0.0634
0.0168
0.0043
0.0466
0.0844
0.5873

0.1400
0.0721
0.0210
0.0085
0.0510
0.0728
0.5260

See the appendix for a description of the data.

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)

Gross equity extraction, PCE, and the Savings Rate
(99) Gross equity extraction [(18)]
(100) Net equity extraction [(1)-(17)]
(101)
As percent of disposable income

116.3
74.2
1.66

117.7
67.5
1.42

110.2
59.5
1.21

106.5
63.6
1.24

119.9
82.7
1.53

154.2
106.4
1.87

172.9
123.2
2.06

283.0
213.6
3.34

316.9
243.2
3.63

303.3
229.6
3.19

413.7
317.6
4.24

(102) Free cash generated by equity extraction [(1)]
(103) As percent of disposable income

262.2
5.87

212.2
4.47

193.2
3.93

223.4
4.34

184.5
3.41

277.1
4.87

276.0
4.61

346.9
5.42

467.2
6.98

553.4
7.69

626.9
8.37

4,464.3
324.2
7.26

4,751.4
366.0
7.70

4,912.0
284.0
5.78

5,151.8
249.5
4.84

5,408.3
250.9
4.64

5,688.5
228.4
4.02

5,988.8
218.3
3.65

6,395.9
276.8
4.33

6,695.0
158.6
2.37

7,194.0
168.5
2.34

7,486.8
132.3
1.77

PCE financed by Equity Extraction:
(107) Direct effects [(9)]
(108) As a percent of disposable income
(109) Direct effects plus repayment of non-mortgage debt [(12)]
(110) As a percent of disposable income

26.3
0.59
38.4
0.86

21.3
0.45
32.6
0.69

19.3
0.39
31.8
0.65

22.8
0.44
41.4
0.80

19.6
0.36
35.8
0.66

30.2
0.53
55.0
0.97

32.4
0.54
61.4
1.02

37.5
0.59
70.0
1.10

51.1
0.76
90.8
1.36

64.3
0.89
119.4
1.66

79.2
1.06
140.7
1.88

(111)
(112)

NIPA personal saving plus:
Direct PCE effect [(105)+(107)]
Repayment of non-mortgage debt [(105)+(109)]

350.4
362.5

387.3
398.7

303.3
315.8

272.3
290.9

270.6
286.7

258.6
283.4

250.8
279.7

314.3
346.8

209.7
249.3

232.7
287.9

211.6
273.1

(113)
(114)

NIPA personal saving rate plus:
Direct PCE effect [100*(111)/(104)]
Repayment of non-mortgage debt [100*(112)/(104)]

7.85
8.12

8.15
8.39

6.17
6.43

5.29
5.65

5.00
5.30

4.55
4.98

4.19
4.67

4.91
5.42

3.13
3.72

3.24
4.00

2.83
3.65

(104) Disposable income (NSA)
(105) NIPA personal saving
(106)
NIPA savings rate, percent

See the appendix for a description of the data.

Table 2
Sources and Uses of Equity Extracted from Homes
(billions of dollars, except where noted)

611.1
494.3
6.31

656.1
504.4
6.18

899.3
754.5
8.69

907.8
738.5
8.17

646.1
499.0
5.24

180.1
126.4
2.12

697.6
561.9
6.72

352.6
271.5
3.65

756.0
9.65

1,000.8
12.26

1,165.1
13.42

1,423.1
15.75

1,126.2
11.83

299.6
5.16

994.4
11.89

531.2
7.40

7,830.1
184.7
2.36

8,162.5
174.9
2.14

8,681.6
174.3
2.01

9,036.1
-34.8
-0.39

9,523.1
-102.1
-1.07

5,665.0
252.5
4.69

8,239.4
126.3
1.58

6,523.1
210.4
3.65

101.1
1.29
172.1
2.20

133.4
1.63
227.0
2.78

170.0
1.96
294.2
3.39

182.2
2.02
325.8
3.61

147.7
1.55
272.8
2.86

32.5
0.56
57.7
0.98

133.2
1.59
231.9
2.77

66.1
0.90
115.8
1.57

285.8
356.8

308.3
401.8

344.3
468.5

147.3
290.9

45.6
170.7

285.0
310.2

259.5
358.2

276.5
326.2

3.65
4.56

3.78
4.92

3.97
5.40

1.63
3.22

0.48
1.79

5.25
5.67

3.17
4.35

4.56
5.23

See the appendix for a description of the data.