| Finance and Economics Discussion Series |
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Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences Alan Greenspan and James Kennedy 2005-41 |
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All Mortgages
| 1990 Q1 | 1990 Q2 | 1990 Q3 | 1990 Q4 | 1991 Q1 | 1991 Q2 | 1991 Q3 | 1991 Q4 | 1992 Q1 | 1992 Q2 | 1992 Q3 | 1992 Q4 | 1993 Q1 | 1993 Q2 | 1993 Q3 | 1993 Q4 | 1994 Q1 | 1994 Q2 | 1994 Q3 | 1994 Q4 | 1995 Q1 | 1995 Q2 | 1995 Q3 | 1995 Q4 | 1996 Q1 | 1996 Q2 | 1996 Q3 | 1996 Q4 | 1997 Q1 | 1997 Q2 | 1997 Q3 | 1997 Q4 | 1998 Q1 | 1998 Q2 | 1998 Q3 | 1998 Q4 | 1999 Q1 | 1999 Q2 | 1999 Q3 | 1999 Q4 | 2000 Q1 | 2000 Q2 | 2000 Q3 | 2000 Q4 | 2001 Q1 | 2001 Q2 | 2001 Q3 | 2001 Q4 | 2002 Q1 | 2002 Q2 | 2002 Q3 | 2002 Q4 | 2003 Q1 | 2003 Q2 | 2003 Q3 | 2003 Q4 | 2004 Q1 | 2004 Q2 | 2004 Q3 | 2004 Q4 | 2005 Q1 | 2005 Q2 | |
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| (1) Net sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| (2) 1-4 mortgage debt outstanding, end of quarter (FOF) | 2,459.3 | 2,525.8 | 2,575.2 | 2,614.8 | 2,649.2 | 2,708.3 | 2,731.1 | 2,783.1 | 2,822.7 | 2,854.2 | 2,907.4 | 2,951.1 | 2,961.8 | 3,016.2 | 3,069.2 | 3,112.8 | 3,145.6 | 3,193.1 | 3,244.3 | 3,292.6 | 3,322.0 | 3,372.4 | 3,429.7 | 3,463.7 | 3,514.3 | 3,574.5 | 3,640.7 | 3,691.2 | 3,738.5 | 3,794.0 | 3,888.5 | 3,932.5 | 4,002.0 | 4,093.1 | 4,185.0 | 4,291.7 | 4,383.5 | 4,490.5 | 4,621.8 | 4,714.3 | 4,789.6 | 4,910.4 | 5,025.8 | 5,122.3 | 5,212.0 | 5,367.2 | 5,506.5 | 5,631.8 | 5,763.6 | 5,928.6 | 6,120.0 | 6,317.4 | 6,494.6 | 6,715.1 | 6,945.9 | 7,120.2 | 7,335.2 | 7,551.8 | 7,855.7 | 8,079.9 | 8,277.6 | 8,528.4 |
| (3) Construction loans | 51.1 | 55.9 | 53.8 | 50.2 | 43.7 | 41.0 | 38.8 | 36.8 | 34.9 | 32.9 | 30.9 | 28.5 | 26.2 | 26.2 | 27.7 | 28.3 | 28.4 | 29.9 | 33.2 | 34.9 | 33.7 | 33.5 | 35.2 | 34.3 | 34.7 | 37.5 | 41.8 | 39.0 | 35.7 | 37.6 | 39.0 | 39.9 | 40.8 | 42.3 | 45.2 | 46.7 | 48.5 | 50.9 | 54.5 | 57.4 | 59.9 | 62.6 | 65.8 | 67.3 | 71.6 | 74.9 | 76.9 | 77.8 | 77.6 | 78.5 | 81.0 | 81.2 | 83.1 | 85.3 | 87.2 | 90.0 | 94.5 | 98.8 | 105.0 | 110.5 | 117.0 | 126.0 |
| (4) Home equity loans | 233.0 | 234.0 | 234.0 | 233.9 | 235.1 | 239.5 | 241.1 | 240.7 | 238.3 | 237.8 | 239.7 | 236.7 | 235.1 | 234.4 | 233.2 | 229.2 | 227.5 | 233.2 | 238.9 | 242.0 | 245.3 | 253.4 | 258.4 | 259.5 | 260.4 | 272.4 | 280.7 | 290.9 | 298.5 | 312.0 | 323.6 | 332.0 | 336.1 | 342.0 | 351.3 | 361.4 | 365.7 | 372.1 | 391.1 | 401.8 | 420.7 | 446.6 | 469.6 | 492.1 | 497.9 | 519.4 | 535.4 | 530.0 | 529.7 | 555.6 | 576.2 | 583.6 | 597.8 | 621.6 | 651.0 | 685.3 | 714.8 | 769.0 | 833.2 | 886.5 | 917.2 | 967.0 |
| (5) Regular mortgages [(2)-(3)-(4)] | 2,175.2 | 2,236.0 | 2,287.5 | 2,330.8 | 2,370.4 | 2,427.8 | 2,451.1 | 2,505.6 | 2,549.6 | 2,583.4 | 2,636.8 | 2,685.9 | 2,700.5 | 2,755.5 | 2,808.4 | 2,855.3 | 2,889.7 | 2,930.0 | 2,972.2 | 3,015.8 | 3,043.0 | 3,085.4 | 3,136.1 | 3,170.0 | 3,219.2 | 3,264.6 | 3,318.2 | 3,361.2 | 3,404.2 | 3,444.5 | 3,525.8 | 3,560.6 | 3,625.1 | 3,708.8 | 3,788.4 | 3,883.6 | 3,969.3 | 4,067.5 | 4,176.2 | 4,255.1 | 4,309.0 | 4,401.2 | 4,490.4 | 4,563.0 | 4,642.5 | 4,772.9 | 4,894.2 | 5,024.0 | 5,156.3 | 5,294.5 | 5,462.8 | 5,652.6 | 5,813.7 | 6,008.1 | 6,207.7 | 6,345.0 | 6,525.9 | 6,683.9 | 6,917.5 | 7,082.9 | 7,243.5 | 7,435.3 |
| (6) Change [(5)-(5){t-1}] | 60.7 | 51.5 | 43.3 | 39.6 | 57.4 | 23.3 | 54.5 | 44.0 | 33.8 | 53.4 | 49.0 | 14.7 | 55.0 | 52.9 | 46.9 | 34.4 | 40.3 | 42.2 | 43.6 | 27.2 | 42.5 | 50.7 | 33.8 | 49.2 | 45.4 | 53.6 | 43.0 | 43.0 | 40.3 | 81.3 | 34.7 | 64.5 | 83.7 | 79.6 | 95.2 | 85.7 | 98.2 | 108.8 | 78.9 | 53.8 | 92.2 | 89.2 | 72.6 | 79.6 | 130.3 | 121.4 | 129.8 | 132.4 | 138.2 | 168.3 | 189.8 | 161.2 | 194.4 | 199.6 | 137.2 | 180.9 | 158.0 | 233.6 | 165.4 | 160.6 | 191.9 | |
| (8) Repayments | 95.2 | 92.9 | 92.4 | 81.0 | 119.6 | 123.8 | 113.5 | 177.8 | 203.3 | 167.8 | 227.2 | 159.2 | 237.3 | 241.1 | 291.3 | 223.0 | 155.2 | 99.0 | 79.8 | 62.9 | 96.5 | 125.2 | 132.5 | 145.1 | 168.2 | 141.9 | 120.8 | 120.7 | 143.4 | 157.3 | 190.5 | 217.5 | 297.1 | 276.9 | 310.3 | 313.3 | 259.1 | 184.3 | 160.0 | 176.4 | 169.9 | 182.7 | 221.5 | 273.7 | 426.4 | 422.4 | 534.8 | 501.6 | 385.6 | 516.0 | 793.9 | 763.4 | 966.3 | 1,053.7 | 557.4 | 430.8 | 658.7 | 417.4 | 520.8 | 490.8 | 576.6 | |
| (7) Repayment rate [(8)/(5){t-1}] | 0.0438 | 0.0416 | 0.0404 | 0.0347 | 0.0505 | 0.0510 | 0.0463 | 0.0710 | 0.0797 | 0.0649 | 0.0861 | 0.0593 | 0.0879 | 0.0875 | 0.1037 | 0.0781 | 0.0537 | 0.0338 | 0.0269 | 0.0209 | 0.0317 | 0.0406 | 0.0422 | 0.0458 | 0.0523 | 0.0435 | 0.0364 | 0.0359 | 0.0421 | 0.0457 | 0.0540 | 0.0611 | 0.0820 | 0.0747 | 0.0819 | 0.0807 | 0.0653 | 0.0453 | 0.0383 | 0.0415 | 0.0394 | 0.0415 | 0.0493 | 0.0600 | 0.0919 | 0.0885 | 0.1093 | 0.0998 | 0.0748 | 0.0975 | 0.1453 | 0.1350 | 0.1662 | 0.1754 | 0.0898 | 0.0679 | 0.1009 | 0.0624 | 0.0753 | 0.0693 | 0.0796 | |
| (9) Total originations [(6)+(8)] | 156.0 | 144.4 | 135.7 | 120.6 | 177.0 | 147.1 | 168.0 | 221.8 | 237.1 | 221.2 | 276.2 | 173.8 | 292.3 | 294.0 | 338.2 | 257.3 | 195.5 | 141.2 | 123.4 | 90.1 | 139.0 | 175.9 | 166.3 | 194.4 | 213.6 | 195.5 | 163.8 | 163.6 | 183.7 | 238.6 | 225.2 | 282.0 | 380.8 | 356.5 | 405.5 | 398.9 | 357.3 | 293.1 | 238.9 | 230.2 | 262.1 | 271.9 | 294.1 | 353.2 | 556.7 | 543.7 | 664.5 | 634.0 | 523.8 | 684.2 | 983.7 | 924.5 | 1,160.7 | 1,253.3 | 694.6 | 611.7 | 816.7 | 651.0 | 686.1 | 651.4 | 768.4 | |
| (10) Refinance originations | 31.8 | 33.0 | 35.3 | 43.5 | 64.3 | 48.1 | 85.9 | 154.6 | 131.3 | 131.5 | 181.0 | 106.0 | 195.0 | 186.1 | 242.1 | 164.5 | 70.1 | 30.8 | 28.2 | 20.4 | 32.2 | 59.8 | 67.2 | 102.7 | 75.7 | 51.4 | 57.1 | 66.5 | 58.0 | 87.7 | 107.4 | 185.0 | 205.9 | 186.5 | 266.1 | 245.5 | 158.6 | 93.3 | 75.1 | 70.5 | 63.9 | 67.8 | 98.4 | 207.1 | 325.8 | 295.3 | 486.4 | 421.8 | 272.5 | 455.2 | 752.5 | 720.1 | 876.7 | 912.5 | 405.1 | 381.2 | 461.2 | 291.0 | 364.1 | 377.1 | 357.1 | |
| (11) Refinance share [(10)/(9)] | 0.2041 | 0.2288 | 0.2604 | 0.3604 | 0.3634 | 0.3268 | 0.5113 | 0.6968 | 0.5540 | 0.5946 | 0.6552 | 0.6096 | 0.6671 | 0.6328 | 0.7158 | 0.6394 | 0.3585 | 0.2179 | 0.2281 | 0.2271 | 0.2320 | 0.3401 | 0.4043 | 0.5283 | 0.3545 | 0.2630 | 0.3486 | 0.4065 | 0.3158 | 0.3673 | 0.4768 | 0.6562 | 0.5407 | 0.5232 | 0.6562 | 0.6154 | 0.4437 | 0.3185 | 0.3144 | 0.3061 | 0.2438 | 0.2493 | 0.3346 | 0.5863 | 0.5852 | 0.5430 | 0.7319 | 0.6654 | 0.5202 | 0.6654 | 0.7650 | 0.7789 | 0.7554 | 0.7280 | 0.5832 | 0.6231 | 0.5647 | 0.4469 | 0.5307 | 0.5789 | 0.4647 | |
| (12) Purchase originations [(9)-(10)] | 124.1 | 111.4 | 100.4 | 77.1 | 112.7 | 99.0 | 82.1 | 67.3 | 105.7 | 89.7 | 95.2 | 67.9 | 97.3 | 107.9 | 96.1 | 92.8 | 125.4 | 110.5 | 95.3 | 69.6 | 106.7 | 116.1 | 99.1 | 91.7 | 137.9 | 144.1 | 106.7 | 97.1 | 125.7 | 151.0 | 117.8 | 97.0 | 174.9 | 170.0 | 139.4 | 153.4 | 198.8 | 199.7 | 163.8 | 159.8 | 198.2 | 204.1 | 195.7 | 146.1 | 230.9 | 248.5 | 178.1 | 212.2 | 251.3 | 229.0 | 231.1 | 204.4 | 283.9 | 340.9 | 289.5 | 230.5 | 355.5 | 360.1 | 322.0 | 274.3 | 411.3 | |
| (13) GSE & Ginnie Mae purchases / total originations | 0.4141 | 0.4833 | 0.4105 | 0.4700 | 0.5316 | 0.5209 | 0.5270 | 0.5739 | 0.5005 | 0.6294 | 0.5489 | 0.5971 | 0.6044 | 0.6466 | 0.5791 | 0.4945 | 0.4438 | 0.4219 | 0.3920 | 0.4687 | 0.5273 | 0.5997 | 0.5376 | 0.5376 | 0.4455 | 0.4877 | 0.4785 | 0.4502 | 0.4420 | 0.5210 | 0.5333 | 0.5675 | 0.5438 | 0.5733 | 0.5897 | 0.5201 | 0.5018 | 0.4528 | 0.4010 | 0.4563 | 0.5249 | 0.5547 | 0.5165 | 0.6100 | 0.5753 | 0.5601 | 0.5847 | 0.5299 | 0.5331 | 0.6087 | 0.5732 | 0.5964 | 0.5851 | 0.4830 | 0.4156 | 0.4478 | 0.3358 | 0.3308 | 0.3055 | 0.3241 | ||
| (14) GSE, Ginnie Mae, & private MBS purchases / originations | 0.4651 | 0.5623 | 0.4779 | 0.5813 | 0.6341 | 0.6157 | 0.6299 | 0.6673 | 0.6175 | 0.7165 | 0.6609 | 0.6746 | 0.7175 | 0.7316 | 0.7113 | 0.5766 | 0.5130 | 0.4931 | 0.4797 | 0.5486 | 0.6159 | 0.6795 | 0.6209 | 0.6224 | 0.5242 | 0.5791 | 0.6149 | 0.5793 | 0.5747 | 0.6937 | 0.6842 | 0.7161 | 0.6994 | 0.6918 | 0.7056 | 0.6284 | 0.5975 | 0.5655 | 0.5418 | 0.5593 | 0.6291 | 0.6775 | 0.6501 | 0.7043 | 0.6887 | 0.7141 | 0.7212 | 0.6758 | 0.7000 | 0.7347 | 0.7056 | 0.7244 | 0.7031 | 0.6673 | 0.6423 | 0.7114 | 0.6776 | 0.6749 | 0.6566 | 0.7140 | ||
| (15) Value of homes purchased (source: Census and NAR) | 112.6 | 142.1 | 143.5 | 117.6 | 99.6 | 147.3 | 146.0 | 124.2 | 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 | 200.4 | 179.4 | 146.2 | 213.0 | 220.5 | 195.4 | 159.8 | 227.9 | 243.8 | 219.4 | 184.1 | 272.7 | 286.8 | 254.7 | 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 | 393.2 | 366.1 | 303.4 | 446.8 | 499.5 | 435.5 | 368.2 | 571.5 | 580.4 | 521.4 | 424.5 | 657.8 |
| (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 | 183.9 | 167.2 | 149.7 | 115.5 | 166.8 | 148.9 | 122.8 | 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 | 163.5 | 140.0 | 129.2 | 192.7 | 204.0 | 150.9 | 135.8 | 175.0 | 212.1 | 164.5 | 136.2 | 244.5 | 237.8 | 196.4 | 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 | 337.6 | 345.0 | 306.5 | 430.0 | 515.4 | 432.8 | 351.8 | 536.7 | 529.0 | 475.3 | 406.8 | 616.7 | |
| (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] | 1.2943 | 1.1653 | 1.2730 | 1.1599 | 1.1320 | 1.0196 | 0.9885 | 0.8818 | 0.9810 | 0.8458 | 0.9356 | 0.8459 | 0.8410 | 0.8595 | 0.8120 | 0.9546 | 0.8986 | 0.8092 | 0.8003 | 0.7411 | 0.8291 | 0.8162 | 0.7801 | 0.8837 | 0.9050 | 0.9255 | 0.7726 | 0.8499 | 0.7679 | 0.8700 | 0.7497 | 0.7398 | 0.8968 | 0.8292 | 0.7713 | 1.0127 | 0.8978 | 0.8787 | 0.8335 | 0.9746 | 0.8776 | 0.8933 | 0.9745 | 0.8780 | 0.9604 | 1.0030 | 0.8277 | 1.0905 | 0.9257 | 0.8587 | 0.9425 | 1.0104 | 0.9624 | 1.0318 | 0.9937 | 0.9553 | 0.9391 | 0.9114 | 0.9115 | 0.9584 | 0.9376 | |
| (18) Number of mortgaged purchases / total number of purchases | 0.8234 | 0.8234 | 0.8234 | 0.8234 | 0.8234 | 0.8234 | 0.8234 | 0.8267 | 0.8267 | 0.8267 | 0.8267 | 0.8300 | 0.8300 | 0.8300 | 0.8300 | 0.8333 | 0.8333 | 0.8333 | 0.8333 | 0.8367 | 0.8367 | 0.8367 | 0.8367 | 0.8400 | 0.8400 | 0.8400 | 0.8400 | 0.8433 | 0.8433 | 0.8433 | 0.8433 | 0.8467 | 0.8467 | 0.8467 | 0.8467 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | 0.8500 | |
| (19) Weighed loan-to-price ratio of homes purchased (described in the paper) | 0.7881 | 0.7777 | 0.7829 | 0.7790 | 0.7889 | 0.7763 | 0.7806 | 0.7807 | 0.8042 | 0.7932 | 0.7924 | 0.7993 | 0.8031 | 0.8064 | 0.8052 | 0.8138 | 0.8239 | 0.8257 | 0.8217 | 0.8234 | 0.8231 | 0.8180 | 0.8156 | 0.8152 | 0.8218 | 0.8111 | 0.8120 | 0.8186 | 0.8221 | 0.8150 | 0.8201 | 0.8126 | 0.8163 | 0.8158 | 0.8099 | 0.8117 | 0.8116 | 0.8115 | 0.8117 | 0.8106 | 0.8045 | 0.7968 | 0.7924 | 0.7957 | 0.7912 | 0.7888 | 0.7810 | 0.7856 | 0.7870 | 0.7716 | 0.7620 | 0.7586 | 0.7511 | 0.7524 | 0.7610 | 0.7455 | 0.7535 | 0.7744 | 0.7707 | 0.7671 | 0.7588 | |
| (20) Mortgaged share * loan-to-price ratio [(18)*(19)] | 0.6489 | 0.6403 | 0.6446 | 0.6414 | 0.6495 | 0.6392 | 0.6427 | 0.6454 | 0.6648 | 0.6557 | 0.6551 | 0.6635 | 0.6666 | 0.6693 | 0.6684 | 0.6781 | 0.6866 | 0.6881 | 0.6847 | 0.6889 | 0.6887 | 0.6844 | 0.6824 | 0.6847 | 0.6903 | 0.6813 | 0.6821 | 0.6903 | 0.6933 | 0.6873 | 0.6916 | 0.6880 | 0.6911 | 0.6907 | 0.6857 | 0.6900 | 0.6899 | 0.6898 | 0.6899 | 0.6890 | 0.6838 | 0.6773 | 0.6735 | 0.6764 | 0.6725 | 0.6705 | 0.6639 | 0.6677 | 0.6690 | 0.6559 | 0.6477 | 0.6448 | 0.6384 | 0.6396 | 0.6468 | 0.6337 | 0.6405 | 0.6582 | 0.6551 | 0.6521 | 0.6450 | |
| (21) Gross equity extraction | 26.7 | 16.6 | 25.0 | 44.6 | 8.6 | 38.4 | 31.5 | 17.4 | 41.0 | 28.6 | 3.6 | 41.6 | 36.7 | 27.3 | 17.8 | 27.9 | 31.7 | 30.0 | 21.6 | 37.2 | 41.9 | 20.7 | 38.4 | 40.9 | 42.3 | 36.2 | 36.5 | 39.8 | 74.7 | 27.6 | 59.7 | 71.0 | 68.4 | 87.1 | 68.1 | 80.8 | 103.8 | 63.3 | 49.5 | 95.6 | 88.4 | 63.5 | 69.0 | 124.9 | 106.3 | 97.2 | 101.5 | 137.4 | 165.0 | 163.2 | 151.4 | 188.3 | 191.4 | 130.4 | 185.2 | 177.2 | 259.8 | 176.5 | 164.6 | 201.5 | ||
| (22) As a percent of disposable income | 2.47 | 1.53 | 2.28 | 4.01 | 0.77 | 3.38 | 2.71 | 1.48 | 3.44 | 2.35 | 0.30 | 3.40 | 2.98 | 2.17 | 1.42 | 2.18 | 2.44 | 2.27 | 1.61 | 2.77 | 3.09 | 1.51 | 2.76 | 2.89 | 2.96 | 2.50 | 2.48 | 2.68 | 4.96 | 1.80 | 3.81 | 4.46 | 4.24 | 5.34 | 4.13 | 4.87 | 6.19 | 3.70 | 2.80 | 5.36 | 4.87 | 3.48 | 3.74 | 6.74 | 5.58 | 5.17 | 5.24 | 7.01 | 8.41 | 8.28 | 7.58 | 9.31 | 9.25 | 6.27 | 8.74 | 8.26 | 11.99 | 7.91 | 7.40 | 8.95 | ||
| (23) Net equity extraction [(21)-(26)] | 14.5 | 6.9 | 15.9 | 29.9 | -4.6 | 25.8 | 16.4 | -0.6 | 23.7 | 10.0 | -9.1 | 21.2 | 16.1 | 5.8 | 1.7 | 11.0 | 17.2 | 18.1 | 12.3 | 23.3 | 25.4 | 6.3 | 24.5 | 22.5 | 24.7 | 21.3 | 23.3 | 21.2 | 53.6 | 8.5 | 39.8 | 42.9 | 40.6 | 59.4 | 44.1 | 52.4 | 77.3 | 42.4 | 31.3 | 70.2 | 62.3 | 40.3 | 45.0 | 87.7 | 69.7 | 59.1 | 66.7 | 98.7 | 120.2 | 112.1 | 105.6 | 125.7 | 122.6 | 85.5 | 146.3 | 119.1 | 206.3 | 126.9 | 121.0 | 138.4 | ||
| (24) As a percent of disposable income | 1.34 | 0.63 | 1.45 | 2.69 | -0.41 | 2.27 | 1.41 | -0.05 | 1.99 | 0.82 | -0.76 | 1.73 | 1.31 | 0.46 | 0.14 | 0.86 | 1.33 | 1.36 | 0.92 | 1.74 | 1.87 | 0.46 | 1.76 | 1.59 | 1.72 | 1.47 | 1.59 | 1.43 | 3.56 | 0.55 | 2.54 | 2.70 | 2.52 | 3.64 | 2.68 | 3.16 | 4.61 | 2.48 | 1.77 | 3.93 | 3.43 | 2.21 | 2.44 | 4.74 | 3.66 | 3.14 | 3.44 | 5.03 | 6.13 | 5.69 | 5.29 | 6.21 | 5.93 | 4.11 | 6.90 | 5.55 | 9.52 | 5.68 | 5.44 | 6.14 | ||
| (25) Memo: Originations to purchase new homes (see appendix E) | 33.0 | 30.8 | 32.7 | 22.2 | 23.9 | 23.1 | 22.7 | 17.4 | 23.7 | 22.2 | 25.9 | 18.3 | 22.0 | 24.8 | 25.9 | 25.4 | 28.7 | 26.8 | 27.5 | 20.0 | 24.6 | 25.4 | 26.0 | 23.9 | 29.0 | 32.1 | 29.8 | 27.1 | 27.2 | 31.8 | 29.4 | 23.0 | 33.2 | 35.3 | 33.5 | 37.5 | 39.6 | 40.0 | 42.8 | 40.0 | 39.6 | 40.9 | 49.0 | 34.2 | 45.2 | 50.0 | 46.8 | 50.9 | 47.7 | 45.9 | 57.3 | 48.8 | 56.2 | 65.6 | 70.3 | 55.5 | 66.2 | 70.0 | 75.4 | 60.6 | 75.0 | |
| (26) Closing costs (see footnote 4 in main paper) | 12.6 | 12.2 | 9.7 | 9.1 | 14.7 | 13.2 | 12.6 | 15.1 | 18.0 | 17.3 | 18.6 | 12.7 | 20.4 | 20.6 | 21.5 | 16.0 | 16.9 | 14.5 | 12.0 | 9.3 | 13.9 | 16.5 | 14.5 | 13.9 | 18.4 | 17.7 | 14.9 | 13.2 | 18.5 | 21.1 | 19.2 | 19.9 | 28.1 | 27.8 | 27.7 | 24.0 | 28.4 | 26.5 | 20.9 | 18.2 | 25.4 | 26.1 | 23.2 | 24.0 | 37.2 | 36.6 | 38.1 | 34.8 | 38.8 | 44.7 | 51.1 | 45.8 | 62.6 | 68.8 | 44.8 | 38.8 | 58.1 | 53.5 | 49.6 | 43.6 | 63.1 |
Components of Gross Equity Extraction:
| 1990 Q1 | 1990 Q2 | 1990 Q3 | 1990 Q4 | 1991 Q1 | 1991 Q2 | 1991 Q3 | 1991 Q4 | 1992 Q1 | 1992 Q2 | 1992 Q3 | 1992 Q4 | 1993 Q1 | 1993 Q2 | 1993 Q3 | 1993 Q4 | 1994 Q1 | 1994 Q2 | 1994 Q3 | 1994 Q4 | 1995 Q1 | 1995 Q2 | 1995 Q3 | 1995 Q4 | 1996 Q1 | 1996 Q2 | 1996 Q3 | 1996 Q4 | 1997 Q1 | 1997 Q2 | 1997 Q3 | 1997 Q4 | 1998 Q1 | 1998 Q2 | 1998 Q3 | 1998 Q4 | 1999 Q1 | 1999 Q2 | 1999 Q3 | 1999 Q4 | 2000 Q1 | 2000 Q2 | 2000 Q3 | 2000 Q4 | 2001 Q1 | 2001 Q2 | 2001 Q3 | 2001 Q4 | 2002 Q1 | 2002 Q2 | 2002 Q3 | 2002 Q4 | 2003 Q1 | 2003 Q2 | 2003 Q3 | 2003 Q4 | 2004 Q1 | 2004 Q2 | 2004 Q3 | 2004 Q4 | 2005 Q1 | 2005 Q2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (27) Gross cash out | 8.2 | 7.9 | 7.8 | 7.7 | 9.6 | 7.2 | 7.8 | 10.7 | 11.2 | 8.8 | 12.4 | 10.0 | 15.2 | 13.7 | 16.1 | 15.0 | 10.1 | 6.4 | 6.3 | 4.5 | 5.2 | 7.2 | 7.3 | 10.6 | 13.0 | 10.7 | 8.8 | 10.6 | 11.0 | 12.5 | 12.5 | 17.7 | 24.2 | 20.1 | 24.5 | 31.0 | 22.9 | 18.7 | 17.5 | 19.1 | 17.3 | 18.1 | 21.7 | 27.3 | 49.8 | 45.4 | 51.8 | 63.8 | 44.4 | 43.6 | 62.3 | 75.2 | 76.9 | 87.5 | 57.8 | 43.9 | 58.6 | 58.7 | 67.8 | 77.6 | 89.5 | ||
| (28) Change in home equity debt outstanding - unscheduled payments | 0.5 | -0.6 | -0.7 | 0.7 | 3.8 | 1.0 | -1.0 | -3.1 | -1.1 | 1.2 | -3.6 | -2.3 | -1.3 | -2.0 | -4.7 | -2.4 | 5.0 | 5.0 | 2.4 | 2.6 | 7.3 | 4.3 | 0.2 | 0.1 | 11.2 | 7.4 | 9.4 | 6.8 | 12.6 | 10.8 | 7.5 | 3.2 | 5.1 | 8.4 | 9.1 | 3.4 | 5.4 | 18.0 | 9.7 | 17.9 | 24.8 | 21.9 | 21.4 | 4.6 | 20.3 | 14.8 | -6.6 | -1.6 | 24.6 | 19.3 | 6.0 | 12.8 | 22.3 | 27.8 | 32.8 | 28.0 | 52.6 | 62.5 | 51.6 | 28.9 | 48.0 | ||
| (29) Originations to finance purchases of existing homes minus sellers' debt cancellation | 50.8 | 39.4 | 34.7 | 26.4 | 43.8 | 32.3 | 22.8 | 15.6 | 33.0 | 19.1 | 23.4 | 12.9 | 21.0 | 24.7 | 16.6 | 24.0 | 32.6 | 21.8 | 15.6 | 7.8 | 21.5 | 23.7 | 14.9 | 20.0 | 36.6 | 38.8 | 14.5 | 18.8 | 21.7 | 37.8 | 17.3 | 13.0 | 49.8 | 39.9 | 22.8 | 47.8 | 55.3 | 53.6 | 33.4 | 45.2 | 49.3 | 51.9 | 52.5 | 30.7 | 65.5 | 76.1 | 27.8 | 67.3 | 67.5 | 47.1 | 52.2 | 52.1 | 72.5 | 101.8 | 74.5 | 50.4 | 92.8 | 93.5 | 77.5 | 72.2 | 116.2 |
Seasonally adjusted, annual rate:
| 1990 Q1 | 1990 Q2 | 1990 Q3 | 1990 Q4 | 1991 Q1 | 1991 Q2 | 1991 Q3 | 1991 Q4 | 1992 Q1 | 1992 Q2 | 1992 Q3 | 1992 Q4 | 1993 Q1 | 1993 Q2 | 1993 Q3 | 1993 Q4 | 1994 Q1 | 1994 Q2 | 1994 Q3 | 1994 Q4 | 1995 Q1 | 1995 Q2 | 1995 Q3 | 1995 Q4 | 1996 Q1 | 1996 Q2 | 1996 Q3 | 1996 Q4 | 1997 Q1 | 1997 Q2 | 1997 Q3 | 1997 Q4 | 1998 Q1 | 1998 Q2 | 1998 Q3 | 1998 Q4 | 1999 Q1 | 1999 Q2 | 1999 Q3 | 1999 Q4 | 2000 Q1 | 2000 Q2 | 2000 Q3 | 2000 Q4 | 2001 Q1 | 2001 Q2 | 2001 Q3 | 2001 Q4 | 2002 Q1 | 2002 Q2 | 2002 Q3 | 2002 Q4 | 2003 Q1 | 2003 Q2 | 2003 Q3 | 2003 Q4 | 2004 Q1 | 2004 Q2 | 2004 Q3 | 2004 Q4 | 2005 Q1 | 2005 Q2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (30) Gross equity extraction | 147.8 | 147.3 | 13.5 | 157.6 | 169.8 | 41.3 | 140.1 | 123.2 | 53.3 | 142.0 | 120.3 | 121.2 | 107.2 | 90.8 | 96.0 | 135.6 | 122.9 | 128.7 | 132.4 | 101.7 | 193.7 | 139.0 | 129.0 | 169.7 | 187.8 | 130.7 | 256.0 | 139.8 | 282.9 | 250.4 | 226.2 | 385.0 | 316.7 | 288.7 | 361.7 | 296.9 | 246.7 | 343.2 | 292.0 | 306.7 | 328.4 | 455.6 | 360.7 | 445.2 | 464.7 | 499.5 | 590.3 | 714.1 | 668.1 | 696.1 | 693.3 | 588.4 | 804.6 | 650.5 | 966.0 | 776.9 | 714.8 | na | |||||
| (31) Net equity extraction | 103.2 | 92.7 | -32.4 | 104.3 | 103.2 | -28.5 | 79.2 | 44.2 | -3.6 | 62.3 | 46.1 | 31.2 | 32.8 | 26.6 | 44.1 | 88.6 | 66.0 | 83.4 | 74.0 | 45.8 | 110.6 | 85.8 | 64.2 | 111.3 | 106.9 | 81.3 | 177.0 | 61.1 | 182.0 | 160.3 | 119.2 | 269.2 | 210.1 | 185.4 | 267.6 | 201.6 | 170.5 | 243.5 | 203.1 | 199.3 | 232.1 | 302.2 | 231.0 | 281.3 | 320.9 | 339.8 | 427.7 | 502.3 | 474.2 | 447.0 | 435.9 | 400.7 | 636.3 | 424.4 | 769.2 | 567.9 | 528.7 | na | |||||
| (32) Components of Gross Equity Extraction: Change in home equity debt outstanding - unscheduled payments | 2.4 | 16.3 | 1.7 | -2.6 | -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 | 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 | 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 | 68.4 | 30.0 | 62.1 | 80.8 | 102.6 | 137.4 | 123.5 | 200.8 | 241.3 | 213.1 | 127.9 | na | |||||
| (33) Components of Gross Equity Extraction: Originations to finance purchases of existing homes minus sellers' debt cancellation | 132.2 | 146.1 | 117.2 | 105.9 | 88.7 | 104.2 | 60.9 | 109.9 | 77.4 | 56.6 | 78.8 | 86.1 | 120.6 | 103.1 | 64.2 | 85.9 | 54.3 | 59.9 | 70.3 | 85.6 | 102.5 | 121.4 | 128.4 | 85.9 | 97.8 | 62.4 | 123.8 | 96.2 | 77.6 | 175.4 | 128.2 | 119.2 | 220.5 | 196.8 | 180.6 | 160.8 | 215.7 | 172.7 | 169.6 | 236.0 | 163.1 | 234.0 | 265.8 | 135.5 | 312.7 | 241.4 | 150.2 | 230.3 | 257.0 | 261.3 | 368.7 | 315.0 | 252.2 | 335.1 | 325.1 | 327.3 | 360.0 | na | |||||
| (34) Components of Gross Equity Extraction: Gross cash out | 28.3 | 34.9 | 33.7 | 31.3 | 40.4 | 41.9 | 39.9 | 51.0 | 37.7 | 57.7 | 58.8 | 66.2 | 57.1 | 37.3 | 29.5 | 27.5 | 14.2 | 18.1 | 32.9 | 31.7 | 37.8 | 49.6 | 46.8 | 38.0 | 36.7 | 42.3 | 54.7 | 52.9 | 64.1 | 95.6 | 85.3 | 101.4 | 116.9 | 90.5 | 79.8 | 73.3 | 70.1 | 67.6 | 77.4 | 90.0 | 103.7 | 196.4 | 187.3 | 209.7 | 249.9 | 174.8 | 180.3 | 251.3 | 296.3 | 304.4 | 356.4 | 232.7 | 172.1 | 230.4 | 241.0 | 272.4 | 306.5 | na |
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