Journal Article

Sources and uses of equity extracted from homes

Alan Greenspan and James Kennedy

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 24, issue 1, pages 120-144
Published in print January 2008 | ISSN: 0266-903X
Published online January 2008 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grn003
Sources and uses of equity extracted from homes

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  • Economic Development and Growth
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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.

Keywords: Mortgage equity withdrawal; wealth effect; consumer spending; savings rate; E21; G21

Journal Article.  9271 words.  Illustrated.

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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