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Houses as ATMs No Longer

Andreas Fuster (), Eilidh Geddes and Andrew F. Haughwout

No 20170215, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Housing equity is the primary form of collateral that households use for borrowing. This makes it a potentially important source of consumption funding, especially for younger households. In a previous post we showed that owner?s equity in residential real estate has finally, thanks to increasing home prices, rebounded to and essentially re-attained its 2005 peak level. Yet in spite of a gain of more than $7 trillion in housing equity since 2012, so far homeowners haven?t been tapping this equity at anything like the pace we witnessed during the housing boom that ended in 2006. In this post, we analyze the changes in equity withdrawal.

Keywords: equity; Mortgages; leverage (search for similar items in EconPapers)
JEL-codes: D1 (search for similar items in EconPapers)
Date: 2017-02-15
New Economics Papers: this item is included in nep-ure
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