Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1990 1991
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
All Mortgagees
(1) Net sales 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 2,649.3 2,708.3 2,731.1 2,783.1
(3) Construction loans 51.1 55.9 53.8 50.2 43.7 41.0 38.8 36.8
(4) Home equity loans 233.0 234.0 234.0 233.9 235.1 239.5 241.1 240.7
(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
(6) Change [(5)-(5){t-1}] 60.7 51.5 43.3 39.6 57.4 23.3 54.5
(8) Repayments 95.2 92.9 92.4 81.0 119.6 123.8 113.5
(7) Repayment rate [(8)/(5){t-1}] 0.0438 0.0416 0.0404 0.0347 0.0505 0.0510 0.0463
(9) Total originations [(6)+(8)] 156.0 144.4 135.7 120.6 177.0 147.1 168.0
(10) Refinance originations 31.8 33.0 35.3 43.5 64.3 48.1 85.9
(11) Refinance share [(10)/(9)] 0.2041 0.2288 0.2604 0.3604 0.3634 0.3268 0.5113
(12) Purchase originations [(9)-(10)] 124.1 111.4 100.4 77.1 112.7 99.0 82.1
(13) GSE & Ginnie Mae purchases / total originations 0.4141 0.4833 0.4105 0.4700 0.5316 0.5209
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.4651 0.5623 0.4779 0.5813 0.6341 0.6157
(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
(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)}] 183.9 167.2 149.7 115.5 166.8 148.9 122.8
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(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
(18) Number of mortgaged purchases / total number of purchases 0.8234 0.8234 0.8234 0.8234 0.8234 0.8234 0.8234
(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
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6489 0.6403 0.6446 0.6414 0.6495 0.6392 0.6427
(21) Gross equity extraction 26.7 16.6 25.0 44.6 8.6 38.4
(22) As a percent of disposable income 2.47 1.53 2.28 4.01 0.77 3.38
(23) Net equity extraction [(21)-(26)] 14.5 6.9 15.9 29.9 -4.6 25.8
(24) As a percent of disposable income 1.34 0.63 1.45 2.69 -0.41 2.27
(25) Memo: Originations to purchase new homes (see appendix E) 33.0 30.8 32.7 22.2 23.9 23.1 22.7
(26) Closing costs (see footnote 4 in main paper) 12.6 12.2 9.7 9.1 14.7 13.2 12.6
Components of Gross Equity Extraction:
(27) Gross cash out 8.2 7.8 7.8 7.7 9.6 7.1 7.7
(28) Change in home equity debt outstanding - unscheduled payments 0.5 -0.6 -0.7 0.7 3.8 1.0 -1.0
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 50.8 39.4 34.7 26.4 43.9 32.3 22.8
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1990 1991
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seasonally adjusted, annual rate:
(30) Gross equity extraction 147.8 147.3 13.5 157.6
(31) Net equity extraction 103.2 92.7 -32.4 104.3
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments 2.4 16.3 1.7 -2.6
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 132.2 146.1 117.2 105.9
(34) Gross cash out 28.3 34.9 33.7 31.3
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1992 1993
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
All Mortgagees
(1) Net sales 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) 2,822.7 2,854.2 2,907.4 2,951.1 2,961.8 3,016.2 3,069.2 3,112.8
(3) Construction loans 34.9 32.9 31.0 28.5 26.2 26.2 27.7 28.3
(4) Home equity loans 238.3 237.9 239.7 236.7 235.1 234.5 233.2 229.2
(5) Regular mortgages [(2)-(3)-(4)] 2,549.6 2,583.4 2,636.8 2,685.9 2,700.5 2,755.5 2,808.4 2,855.3
(6) Change [(5)-(5){t-1}] 44.0 33.8 53.4 49.0 14.7 55.0 52.9 46.9
(8) Repayments 177.8 203.3 167.8 227.2 159.2 237.3 241.1 291.3
(7) Repayment rate [(8)/(5){t-1}] 0.0710 0.0797 0.0649 0.0861 0.0593 0.0879 0.0875 0.1037
(9) Total originations [(6)+(8)] 221.8 237.1 221.2 276.2 173.8 292.3 294.0 338.2
(10) Refinance originations 154.6 131.3 131.5 181.0 106.0 195.0 186.1 242.1
(11) Refinance share [(10)/(9)] 0.6968 0.5540 0.5946 0.6552 0.6096 0.6671 0.6328 0.7158
(12) Purchase originations [(9)-(10)] 67.3 105.7 89.7 95.2 67.9 97.3 107.9 96.1
(13) GSE & Ginnie Mae purchases / total originations 0.5270 0.5739 0.5005 0.6294 0.5489 0.5971 0.6044 0.6466
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.6299 0.6673 0.6175 0.7165 0.6609 0.6746 0.7175 0.7316
(15) Value of homes purchased (source: Census and NAR) 113.7 155.9 155.5 149.5 116.4 167.1 180.6 170.5
(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)}] 100.2 153.0 131.5 139.8 98.5 140.5 155.2 138.4
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)] 0.8818 0.9810 0.8458 0.9356 0.8459 0.8410 0.8595 0.8120
(18) Number of mortgaged purchases / total number of purchases 0.8267 0.8267 0.8267 0.8267 0.8300 0.8300 0.8300 0.8300
(19) Weighed loan-to-price ratio of homes purchased (described in the paper) 0.7807 0.8042 0.7932 0.7924 0.7993 0.8031 0.8064 0.8052
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6454 0.6648 0.6557 0.6551 0.6635 0.6666 0.6693 0.6684
(21) Gross equity extraction 31.5 17.4 41.0 28.6 3.6 41.6 36.7 27.3
(22) As a percent of disposable income 2.71 1.48 3.44 2.35 0.30 3.40 2.98 2.17
(23) Net equity extraction [(21)-(26)] 16.4 -0.6 23.7 10.0 -9.1 21.2 16.1 5.8
(24) As a percent of disposable income 1.41 -0.05 1.99 0.82 -0.76 1.73 1.31 0.46
(25) Memo: Originations to purchase new homes (see appendix E) 17.4 23.7 22.2 25.9 18.3 22.0 24.8 25.9
(26) Closing costs (see footnote 4 in main paper) 15.1 18.0 17.3 18.6 12.7 20.4 20.6 21.5
Components of Gross Equity Extraction:
(27) Gross cash out 10.7 11.3 8.8 12.5 10.0 15.2 13.7 16.1
(28) Change in home equity debt outstanding - unscheduled payments -3.1 -1.1 1.2 -3.6 -2.3 -1.3 -2.0 -4.7
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 15.6 33.0 19.1 23.3 12.8 20.8 24.6 16.5
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1992 1993
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seasonally adjusted, annual rate:
(30) Gross equity extraction 169.8 41.3 140.1 123.2 53.3 142.0 120.3 121.2
(31) Net equity extraction 103.2 -28.5 79.2 44.2 -3.6 62.3 46.1 31.2
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments -11.9 -3.3 1.5 -12.7 -8.1 -5.4 -10.0 -17.4
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 88.7 104.2 60.9 109.9 77.4 56.6 78.8 86.1
(34) Gross cash out 40.4 41.9 39.9 51.0 37.7 57.7 58.8 66.2
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1994 1995
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
All Mortgagees
(1) Net sales 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) 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) Construction loans 28.4 29.9 33.2 34.9 33.7 33.5 35.2 34.3
(4) Home equity loans 227.5 233.2 238.9 242.0 245.3 253.4 258.5 259.5
(5) Regular mortgages [(2)-(3)-(4)] 2,889.7 2,930.0 2,972.2 3,015.8 3,043.0 3,085.4 3,136.1 3,170.0
(6) Change [(5)-(5){t-1}] 34.4 40.3 42.2 43.6 27.2 42.5 50.7 33.8
(8) Repayments 223.0 155.2 99.0 79.8 62.9 96.5 125.2 132.5
(7) Repayment rate [(8)/(5){t-1}] 0.0781 0.0537 0.0338 0.0269 0.0209 0.0317 0.0406 0.0422
(9) Total originations [(6)+(8)] 257.3 195.5 141.2 123.4 90.1 139.0 175.9 166.3
(10) Refinance originations 164.5 70.1 30.8 28.2 20.4 32.2 59.8 67.2
(11) Refinance share [(10)/(9)] 0.6394 0.3585 0.2179 0.2281 0.2271 0.2320 0.3401 0.4043
(12) Purchase originations [(9)-(10)] 92.8 125.4 110.5 95.3 69.6 106.7 116.1 99.1
(13) GSE & Ginnie Mae purchases / total originations 0.5791 0.4945 0.4438 0.4219 0.3920 0.4687 0.5273 0.5997
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.7113 0.5766 0.5130 0.4931 0.4797 0.5486 0.6159 0.6795
(15) Value of homes purchased (source: Census and NAR) 138.1 195.9 191.1 167.5 131.4 180.2 200.4 179.4
(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)}] 131.8 176.0 154.6 134.0 97.4 149.4 163.5 140.0
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)] 0.9546 0.8986 0.8092 0.8003 0.7411 0.8291 0.8162 0.7801
(18) Number of mortgaged purchases / total number of purchases 0.8333 0.8333 0.8333 0.8333 0.8367 0.8367 0.8367 0.8367
(19) Weighed loan-to-price ratio of homes purchased (described in the paper) 0.8138 0.8239 0.8257 0.8217 0.8234 0.8231 0.8180 0.8156
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6781 0.6866 0.6881 0.6847 0.6889 0.6887 0.6844 0.6824
(21) Gross equity extraction 17.8 27.9 31.7 30.0 21.6 37.2 41.9 20.7
(22) As a percent of disposable income 1.42 2.18 2.44 2.27 1.61 2.77 3.09 1.51
(23) Net equity extraction [(21)-(26)] 1.7 11.0 17.2 18.1 12.3 23.3 25.4 6.3
(24) As a percent of disposable income 0.14 0.86 1.33 1.36 0.92 1.74 1.87 0.46
(25) Memo: Originations to purchase new homes (see appendix E) 25.4 28.7 26.8 27.5 20.0 24.6 25.4 26.0
(26) Closing costs (see footnote 4 in main paper) 16.0 16.9 14.5 12.0 9.3 13.9 16.5 14.5
Components of Gross Equity Extraction:
(27) Gross cash out 15.0 10.1 6.4 6.3 4.5 5.2 7.2 7.3
(28) Change in home equity debt outstanding - unscheduled payments -2.4 5.0 5.0 2.4 2.6 7.3 4.3 0.2
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 23.9 32.4 21.7 15.5 7.7 21.4 23.6 14.8
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1994 1995
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seasonally adjusted, annual rate:
(30) Gross equity extraction 107.2 90.8 96.0 135.6 122.9 128.7 132.4 101.7
(31) Net equity extraction 32.8 26.6 44.1 88.6 66.0 83.4 74.0 45.8
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments -8.1 17.6 17.0 13.1 13.2 30.0 11.5 3.0
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 120.6 103.1 64.2 85.9 54.3 59.9 70.3 85.6
(34) Gross cash out 57.1 37.3 29.5 27.5 14.2 18.1 32.9 31.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1996 1997
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
All Mortgagees
(1) Net sales 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) 3,514.3 3,574.5 3,640.7 3,691.2 3,738.5 3,794.0 3,888.5 3,932.5
(3) Construction loans 34.7 37.5 41.8 39.0 35.7 37.6 39.0 39.9
(4) Home equity loans 260.4 272.4 280.7 290.9 298.5 312.0 323.7 332.0
(5) Regular mortgages [(2)-(3)-(4)] 3,219.2 3,264.6 3,318.2 3,361.2 3,404.2 3,444.5 3,525.8 3,560.6
(6) Change [(5)-(5){t-1}] 49.3 45.4 53.6 43.0 43.0 40.3 81.3 34.7
(8) Repayments 145.1 168.2 141.9 120.8 120.7 143.4 157.3 190.5
(7) Repayment rate [(8)/(5){t-1}] 0.0458 0.0523 0.0435 0.0364 0.0359 0.0421 0.0457 0.0540
(9) Total originations [(6)+(8)] 194.4 213.6 195.5 163.8 163.6 183.7 238.6 225.2
(10) Refinance originations 102.7 75.7 51.4 57.1 66.5 58.0 87.7 107.4
(11) Refinance share [(10)/(9)] 0.5283 0.3545 0.2630 0.3486 0.4065 0.3158 0.3673 0.4768
(12) Purchase originations [(9)-(10)] 91.7 137.9 144.1 106.7 97.1 125.7 151.0 117.8
(13) GSE & Ginnie Mae purchases / total originations 0.5376 0.5376 0.4455 0.4877 0.4785 0.4502 0.4420 0.5210
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.6209 0.6224 0.5242 0.5791 0.6149 0.5793 0.5747 0.6937
(15) Value of homes purchased (source: Census and NAR) 146.2 213.0 220.5 195.4 159.8 227.9 243.8 219.4
(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)}] 129.2 192.7 204.0 150.9 135.8 175.0 212.1 164.5
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)] 0.8837 0.9050 0.9255 0.7726 0.8499 0.7679 0.8700 0.7497
(18) Number of mortgaged purchases / total number of purchases 0.8400 0.8400 0.8400 0.8400 0.8433 0.8433 0.8433 0.8433
(19) Weighed loan-to-price ratio of homes purchased (described in the paper) 0.8152 0.8218 0.8111 0.8120 0.8186 0.8221 0.8150 0.8201
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6847 0.6903 0.6813 0.6821 0.6903 0.6933 0.6873 0.6916
(21) Gross equity extraction 38.4 40.9 42.3 36.2 36.5 39.8 74.7 27.6
(22) As a percent of disposable income 2.76 2.89 2.96 2.50 2.48 2.68 4.96 1.80
(23) Net equity extraction [(21)-(26)] 24.5 22.5 24.7 21.3 23.3 21.2 53.6 8.5
(24) As a percent of disposable income 1.76 1.59 1.72 1.47 1.59 1.43 3.56 0.55
(25) Memo: Originations to purchase new homes (see appendix E) 23.9 29.0 32.1 29.8 27.1 27.2 31.8 29.4
(26) Closing costs (see footnote 4 in main paper) 13.9 18.4 17.7 14.9 13.2 18.5 21.1 19.2
Components of Gross Equity Extraction:
(27) Gross cash out 10.6 13.0 10.7 8.8 10.6 11.0 12.5 12.5
(28) Change in home equity debt outstanding - unscheduled payments 0.1 11.2 7.4 9.4 6.8 12.6 10.8 7.5
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 20.0 36.5 38.7 14.4 18.7 21.6 37.7 17.2
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1996 1997
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seasonally adjusted, annual rate:
(30) Gross equity extraction 193.7 139.0 129.0 169.7 187.8 130.7 256.0 139.8
(31) Net equity extraction 110.6 85.8 64.2 111.3 106.9 81.3 177.0 61.1
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments 3.9 44.9 23.6 40.4 31.6 49.1 37.0 33.1
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 102.5 121.4 128.4 85.9 97.8 62.4 123.8 96.2
(34) Gross cash out 37.8 49.6 46.8 38.0 36.7 42.3 54.7 52.9
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1998 1999
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
All Mortgagees
(1) Net sales 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) 4,002.0 4,093.1 4,185.0 4,291.7 4,383.5 4,490.5 4,621.8 4,714.3
(3) Construction loans 40.8 42.3 45.2 46.7 48.5 50.9 54.5 57.4
(4) Home equity loans 336.1 342.0 351.3 361.4 365.7 372.1 391.1 401.8
(5) Regular mortgages [(2)-(3)-(4)] 3,625.1 3,708.8 3,788.4 3,883.6 3,969.3 4,067.5 4,176.2 4,255.1
(6) Change [(5)-(5){t-1}] 64.5 83.7 79.6 95.2 85.7 98.2 108.8 78.9
(8) Repayments 217.5 297.1 276.9 310.3 313.3 259.1 184.3 160.0
(7) Repayment rate [(8)/(5){t-1}] 0.0611 0.0820 0.0747 0.0819 0.0807 0.0653 0.0453 0.0383
(9) Total originations [(6)+(8)] 282.0 380.8 356.5 405.5 398.9 357.3 293.1 238.9
(10) Refinance originations 185.0 205.9 186.5 266.1 245.5 158.6 93.3 75.1
(11) Refinance share [(10)/(9)] 0.6562 0.5407 0.5232 0.6562 0.6154 0.4437 0.3185 0.3144
(12) Purchase originations [(9)-(10)] 97.0 174.9 170.0 139.4 153.4 198.8 199.7 163.8
(13) GSE & Ginnie Mae purchases / total originations 0.5333 0.5675 0.5438 0.5733 0.5897 0.5201 0.5018 0.4528
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.6842 0.7161 0.6994 0.6918 0.7056 0.6284 0.5975 0.5655
(15) Value of homes purchased (source: Census and NAR) 184.1 272.7 286.8 254.7 212.3 310.4 318.6 275.4
(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)}] 136.2 244.5 237.8 196.4 215.0 278.6 280.0 229.5
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)] 0.7398 0.8968 0.8292 0.7713 1.0127 0.8978 0.8787 0.8335
(18) Number of mortgaged purchases / total number of purchases 0.8467 0.8467 0.8467 0.8467 0.8500 0.8500 0.8500 0.8500
(19) Weighed loan-to-price ratio of homes purchased (described in the paper) 0.8126 0.8163 0.8158 0.8099 0.8117 0.8116 0.8115 0.8117
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6880 0.6911 0.6907 0.6857 0.6900 0.6899 0.6898 0.6899
(21) Gross equity extraction 59.7 71.0 68.4 87.1 68.1 80.8 103.8 63.3
(22) As a percent of disposable income 3.81 4.46 4.24 5.34 4.13 4.87 6.19 3.70
(23) Net equity extraction [(21)-(26)] 39.8 42.9 40.6 59.4 44.1 52.4 77.3 42.4
(24) As a percent of disposable income 2.54 2.70 2.52 3.64 2.68 3.16 4.61 2.48
(25) Memo: Originations to purchase new homes (see appendix E) 23.0 33.2 35.3 33.5 37.5 39.6 40.0 42.8
(26) Closing costs (see footnote 4 in main paper) 19.9 28.1 27.8 27.7 24.0 28.4 26.5 20.9
Components of Gross Equity Extraction:
(27) Gross cash out 17.7 24.2 20.1 24.5 31.0 22.9 18.7 17.5
(28) Change in home equity debt outstanding - unscheduled payments 3.2 5.1 8.4 9.1 3.4 5.4 18.0 9.7
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 12.9 49.7 39.8 22.7 47.7 55.2 53.5 33.3
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
1998 1999
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seasonally adjusted, annual rate:
(30) Gross equity extraction 282.9 250.4 226.2 385.0 316.7 288.7 361.7 296.9
(31) Net equity extraction 182.0 160.3 119.2 269.2 210.1 185.4 267.6 201.6
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments 18.7 17.6 26.3 40.2 20.8 17.7 64.3 42.7
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 77.6 175.4 128.2 119.2 220.5 196.8 180.6 160.8
(34) Gross cash out 64.1 95.6 85.3 101.4 116.9 90.5 79.8 73.3
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
2000 2001
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
All Mortgagees
(1) Net sales 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) 4,789.6 4,910.4 5,025.8 5,122.3 5,212.0 5,367.2 5,506.5 5,631.8
(3) Construction loans 59.9 62.6 65.9 67.3 71.6 74.9 76.9 77.8
(4) Home equity loans 420.7 446.6 469.6 492.1 497.9 519.4 535.4 530.0
(5) Regular mortgages [(2)-(3)-(4)] 4,309.0 4,401.2 4,490.4 4,563.0 4,642.5 4,772.9 4,894.2 5,024.0
(6) Change [(5)-(5){t-1}] 53.8 92.2 89.2 72.6 79.6 130.3 121.4 129.8
(8) Repayments 176.4 169.9 182.7 221.5 273.7 426.4 422.4 534.8
(7) Repayment rate [(8)/(5){t-1}] 0.0415 0.0394 0.0415 0.0493 0.0600 0.0919 0.0885 0.1093
(9) Total originations [(6)+(8)] 230.2 262.1 271.9 294.1 353.2 556.7 543.7 664.5
(10) Refinance originations 70.5 63.9 67.8 98.4 207.1 325.8 295.3 486.4
(11) Refinance share [(10)/(9)] 0.3061 0.2438 0.2493 0.3346 0.5863 0.5852 0.5430 0.7319
(12) Purchase originations [(9)-(10)] 159.8 198.2 204.1 195.7 146.1 230.9 248.5 178.1
(13) GSE & Ginnie Mae purchases / total originations 0.4010 0.4563 0.5249 0.5547 0.5165 0.6100 0.5753 0.5601
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.5418 0.5593 0.6291 0.6775 0.6501 0.7043 0.6887 0.7141
(15) Value of homes purchased (source: Census and NAR) 230.1 319.4 326.2 288.3 237.9 345.7 357.3 313.5
(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)}] 224.2 280.3 291.4 281.0 208.9 332.0 358.3 259.5
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)] 0.9746 0.8776 0.8933 0.9745 0.8780 0.9604 1.0030 0.8277
(18) Number of mortgaged purchases / total number of purchases 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) 0.8106 0.8045 0.7968 0.7924 0.7957 0.7912 0.7888 0.7810
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6890 0.6838 0.6773 0.6735 0.6764 0.6725 0.6705 0.6639
(21) Gross equity extraction 49.5 95.6 88.4 63.5 69.0 124.9 106.3 97.2
(22) As a percent of disposable income 2.80 5.36 4.87 3.48 3.74 6.74 5.58 5.17
(23) Net equity extraction [(21)-(26)] 31.3 70.2 62.3 40.3 45.0 87.7 69.7 59.1
(24) As a percent of disposable income 1.77 3.93 3.43 2.21 2.44 4.74 3.66 3.14
(25) Memo: Originations to purchase new homes (see appendix E) 40.0 39.6 40.9 49.0 34.2 45.2 50.0 46.8
(26) Closing costs (see footnote 4 in main paper) 18.2 25.4 26.1 23.2 24.0 37.2 36.6 38.1
Components of Gross Equity Extraction:
(27) Gross cash out 19.1 17.3 18.1 21.7 27.3 49.8 45.4 51.8
(28) Change in home equity debt outstanding - unscheduled payments 17.9 24.8 21.9 21.4 4.6 20.3 14.8 -6.6
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 45.2 49.2 51.8 52.4 30.6 65.3 76.0 27.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
2000 2001
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seasonally adjusted, annual rate:
(30) Gross equity extraction 246.7 343.2 292.0 306.7 328.4 455.6 360.7 445.2
(31) Net equity extraction 170.5 243.5 203.1 199.3 232.1 302.2 231.0 281.3
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments 79.8 94.3 79.3 90.4 27.5 75.7 51.0 -7.9
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 215.7 172.7 169.6 236.0 163.1 234.0 265.8 135.5
(34) Gross cash out 70.1 67.6 77.4 90.0 103.7 196.4 187.3 209.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
2002 2003
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
All Mortgagees
(1) Net sales 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) 5,763.6 5,928.6 6,120.0 6,317.4 6,494.6 6,715.1 6,945.9 7,120.2
(3) Construction loans 77.6 78.5 81.0 81.2 83.1 85.3 87.2 90.0
(4) Home equity loans 529.7 555.6 576.2 583.6 597.8 621.6 651.0 685.3
(5) Regular mortgages [(2)-(3)-(4)] 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) Change [(5)-(5){t-1}] 132.4 138.2 168.3 189.8 161.2 194.4 199.6 137.2
(8) Repayments 501.6 385.6 516.0 793.9 763.4 966.3 1,053.7 557.4
(7) Repayment rate [(8)/(5){t-1}] 0.0998 0.0748 0.0975 0.1453 0.1350 0.1662 0.1754 0.0898
(9) Total originations [(6)+(8)] 634.0 523.8 684.2 983.7 924.5 1,160.7 1,253.3 694.6
(10) Refinance originations 421.8 272.5 455.2 752.5 720.1 876.7 912.5 405.1
(11) Refinance share [(10)/(9)] 0.6654 0.5202 0.6654 0.7650 0.7789 0.7554 0.7280 0.5832
(12) Purchase originations [(9)-(10)] 212.2 251.3 229.0 231.1 204.4 283.9 340.9 289.5
(13) GSE & Ginnie Mae purchases / total originations 0.5847 0.5299 0.5331 0.6087 0.5732 0.5964 0.5851 0.4830
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.7212 0.6758 0.7000 0.7347 0.7056 0.7244 0.7031 0.6673
(15) Value of homes purchased (source: Census and NAR) 281.8 392.4 393.2 366.1 303.4 446.8 499.5 435.5
(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)}] 307.2 363.3 337.6 345.0 306.6 430.0 515.4 432.8
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)] 1.0905 0.9257 0.8587 0.9425 1.0105 0.9624 1.0317 0.9937
(18) Number of mortgaged purchases / total number of purchases 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) 0.7856 0.7870 0.7716 0.7620 0.7586 0.7511 0.7524 0.7610
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6677 0.6690 0.6559 0.6477 0.6448 0.6384 0.6396 0.6468
(21) Gross equity extraction 101.5 137.4 165.0 163.2 151.4 188.3 191.4 130.4
(22) As a percent of disposable income 5.24 7.01 8.41 8.28 7.58 9.31 9.25 6.27
(23) Net equity extraction [(21)-(26)] 66.7 98.7 120.2 112.1 105.6 125.7 122.6 85.5
(24) As a percent of disposable income 3.44 5.03 6.13 5.69 5.29 6.21 5.93 4.11
(25) Memo: Originations to purchase new homes (see appendix E) 50.9 47.7 45.9 57.3 48.8 56.2 65.6 70.3
(26) Closing costs (see footnote 4 in main paper) 34.8 38.8 44.7 51.1 45.8 62.6 68.8 44.8
Components of Gross Equity Extraction:
(27) Gross cash out 63.8 44.4 43.6 62.3 75.2 76.9 87.5 57.8
(28) Change in home equity debt outstanding - unscheduled payments -1.6 24.6 19.3 6.0 12.8 22.3 27.8 32.8
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 67.2 67.4 46.9 52.1 52.1 72.4 101.7 74.4
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
2002 2003
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seasonally adjusted, annual rate:
(30) Gross equity extraction 464.7 499.5 590.3 714.1 668.1 696.1 693.3 588.4
(31) Net equity extraction 320.9 339.8 427.7 502.3 474.2 447.0 435.9 400.7
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments -9.8 91.5 68.4 30.0 62.1 80.8 102.6 137.4
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 312.7 241.4 150.2 230.3 257.0 261.3 368.7 315.0
(34) Gross cash out 249.9 174.8 180.3 251.3 296.3 304.4 356.4 232.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
2004 2005
Q1 Q2 Q3 Q4 Q1
All Mortgagees
(1) Net sales 0.0 0.0 0.0 0.0 0.0
(2) 1-4 mortgage debt outstanding, end of quarter (FOF) 7,335.2 7,551.8 7,855.7 8,079.9 8,277.6
(3) Construction loans 94.5 98.8 105.0 110.5 117.0
(4) Home equity loans 714.8 769.1 833.2 886.6 917.2
(5) Regular mortgages [(2)-(3)-(4)] 6,525.9 6,683.9 6,917.5 7,082.9 7,243.5
(6) Change [(5)-(5){t-1}] 180.9 158.0 233.6 165.4 160.6
(8) Repayments 429.5 656.9 415.2 521.4 500.8
(7) Repayment rate [(8)/(5){t-1}] 0.0677 0.1007 0.0621 0.0754 0.0707
(9) Total originations [(6)+(8)] 610.4 814.9 648.9 686.8 661.4
(10) Refinance originations 381.1 461.2 290.9 364.1 382.9
(11) Refinance share [(10)/(9)] 0.6244 0.5659 0.4483 0.5302 0.5789
(12) Purchase originations [(9)-(10)] 229.3 353.7 358.0 322.7 278.5
(13) GSE & Ginnie Mae purchases / total originations 0.4162 0.4488 0.3368 0.3308 0.3002
(14) GSE, Ginnie Mae, & private MBS purchases / originations 0.6432 0.7130 0.6796 0.6750 0.6474
(15) Value of homes purchased (source: Census and NAR) 368.2 571.5 580.5 521.4 424.5
(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)}] 349.9 534.0 525.9 476.3 413.0
Price of non-mortgaged homes / price of mortgaged homes, fixed at 0.78
(17) Implied value of homes purchased / Census & NAR value [(16)/(15)] 0.9503 0.9344 0.9059 0.9135 0.9730
(18) Number of mortgaged purchases / total number of purchases 0.8500 0.8500 0.8500 0.8500 0.8500
(19) Weighed loan-to-price ratio of homes purchased (described in the paper) 0.7455 0.7535 0.7744 0.7707 0.7671
(20) Mortgaged share * loan-to-price ratio [(18)*(19)] 0.6337 0.6405 0.6582 0.6551 0.6521
(21) Gross equity extraction 185.4 177.5 260.2 176.3 163.7
(22) As a percent of disposable income 8.75 8.28 12.00 7.90 7.36
(23) Net equity extraction [(21)-(26)] 146.6 119.4 206.7 126.7 119.9
(24) As a percent of disposable income 6.92 5.57 9.53 5.68 5.39
(25) Memo: Originations to purchase new homes (see appendix E) 55.2 65.9 69.6 75.6 61.5
(26) Closing costs (see footnote 4 in main paper) 38.8 58.1 53.5 49.6 43.8
Components of Gross Equity Extraction:
(27) Gross cash out 43.9 58.6 58.7 67.8 77.4
(28) Change in home equity debt outstanding - unscheduled payments 28.0 52.6 62.5 51.6 28.9
(29) Originations to finance purchases of existing homes minus sellers'
debt cancellation 49.4 91.2 91.5 77.8 75.4
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments
(billions of dollars, except where noted; not seasonally adjusted)
2004 2005
Q1 Q2 Q3 Q4 Q1
Seasonally adjusted, annual rate:
(30) Gross equity extraction 804.6 650.5 966.0 776.9 714.8
(31) Net equity extraction 636.3 424.4 769.2 567.9 528.7
Components of Gross Equity Extraction:
(32) Change in home equity debt outstanding - unscheduled payments 123.5 200.8 241.3 213.1 127.9
(33) Originations to finance purchases of existing homes minus sellers'
debt cancellation 252.2 335.1 325.1 327.3 360.0
(34) Gross cash out 172.1 230.4 241.0 272.4 306.5