Sources and uses of equity extracted from homes

Alan Greenspan · James E. Kennedy

166 citations0/0 files storedOxford Review of Economic Policy

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Housing Market and Economics Financial Literacy, Pension, Retirement Analysis Housing, Finance, and Neoliberalism

Abstract

In this paper, we present estimates of the disposition of the free cash generated by home equity extraction to finance consumer spending, outlays for home improvements, debt repayment, acquisition of assets, and other uses. We estimate free cash as cash available net of closing costs and repayment of other mortgage debt. We have also extended the quarterly data series for gross equity extraction, presented in our earlier paper (Greenspan and Kennedy, 2005), back to 1968.

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References

2005Comparing Wealth Effects: The Stock Market versus the Housing Market 2000Stock Market Wealth and Consumption 2004Home Is Where the Equity Is: Mortgage Refinancing and Household Consumption 2008Housing wealth, financial wealth, and consumption: New evidence from micro data 2006How Large Is the Housing Wealth Effect? A New Approach 2004Housing Markets, Wealth and the Business Cycle 2004Real Estate Versus Financial Wealth in Consumption 2006The Decline in Household Saving and the Wealth Effect

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