Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
1990 Q2
Q3
Q4
Q1
1991 Q2
Q3
Q4
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 2,459.3 51.1 233.0 2,175.2
0.0 2,525.8 55.9 234.0 2,236.0 60.7 95.2 0.0438 156.0 31.8 0.2041 124.1
0.0 2,575.2 53.8 234.0 2,287.5 51.5 92.9 0.0416 144.4 33.0 0.2288 111.4 0.4141 0.4651
0.0 2,614.8 50.2 233.9 2,330.8 43.3 92.4 0.0404 135.7 35.3 0.2604 100.4 0.4833 0.5623 117.6 149.7 1.2730 0.8234 0.7829 0.6446 16.6 1.53 6.9 0.63 32.7 9.7
0.0 2,649.3 43.7 235.1 2,370.4 39.6 81.0 0.0347 120.6 43.5 0.3604 77.1 0.4105 0.4779 99.6 115.5 1.1599 0.8234 0.7790 0.6414 25.0 2.28 15.9 1.45 22.2 9.1
0.0 2,708.3 41.0 239.5 2,427.8 57.4 119.6 0.0505 177.0 64.3 0.3634 112.7 0.4700 0.5813 147.3 166.8 1.1320 0.8234 0.7889 0.6495 44.6 4.01 29.9 2.69 23.9 14.7
0.0 2,731.1 38.8 241.1 2,451.1 23.3 123.8 0.0510 147.1 48.1 0.3268 99.0 0.5316 0.6341 146.0 148.9 1.0196 0.8234 0.7763 0.6392 8.6 0.77 -4.6 -0.41 23.1 13.2
0.0 2,783.1 36.8 240.7 2,505.6 54.5 113.5 0.0463 168.0 85.9 0.5113 82.1 0.5209 0.6157 124.2 122.8 0.9885 0.8234 0.7806 0.6427 38.4 3.38 25.8 2.27 22.7 12.6
112.6
142.1 183.9 1.2943 0.8234 0.7881 0.6489
143.5 167.2 1.1653 0.8234 0.7777 0.6403 26.7 2.47 14.5 1.34 30.8 12.2
33.0 12.6
8.2 0.5 50.8
7.8 -0.6 39.4
7.8 -0.7 34.7
7.7 0.7 26.4
9.6 3.8 43.9
7.1 1.0 32.3
7.7 -1.0 22.8
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
1990 Q2
Q3
Q4
Q1
1991 Q2
Q3
Q4
147.8 103.2 2.4 132.2 28.3
147.3 92.7 16.3 146.1 34.9
13.5 -32.4 1.7 117.2 33.7
157.6 104.3 -2.6 105.9 31.3
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
1992 Q2
Q3
Q4
Q1
1993 Q2
Q3
Q4
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 2,822.7 34.9 238.3 2,549.6 44.0 177.8 0.0710 221.8 154.6 0.6968 67.3 0.5270 0.6299 113.7 100.2 0.8818 0.8267 0.7807 0.6454 31.5 2.71 16.4 1.41 17.4 15.1
0.0 2,854.2 32.9 237.9 2,583.4 33.8 203.3 0.0797 237.1 131.3 0.5540 105.7 0.5739 0.6673 155.9 153.0 0.9810 0.8267 0.8042 0.6648 17.4 1.48 -0.6 -0.05 23.7 18.0
0.0 2,907.4 31.0 239.7 2,636.8 53.4 167.8 0.0649 221.2 131.5 0.5946 89.7 0.5005 0.6175 155.5 131.5 0.8458 0.8267 0.7932 0.6557 41.0 3.44 23.7 1.99 22.2 17.3
0.0 2,951.1 28.5 236.7 2,685.9 49.0 227.2 0.0861 276.2 181.0 0.6552 95.2 0.6294 0.7165 149.5 139.8 0.9356 0.8267 0.7924 0.6551 28.6 2.35 10.0 0.82 25.9 18.6
0.0 2,961.8 26.2 235.1 2,700.5 14.7 159.2 0.0593 173.8 106.0 0.6096 67.9 0.5489 0.6609 116.4 98.5 0.8459 0.8300 0.7993 0.6635 3.6 0.30 -9.1 -0.76 18.3 12.7
0.0 3,016.2 26.2 234.5 2,755.5 55.0 237.3 0.0879 292.3 195.0 0.6671 97.3 0.5971 0.6746 167.1 140.5 0.8410 0.8300 0.8031 0.6666 41.6 3.40 21.2 1.73 22.0 20.4
0.0 3,069.2 27.7 233.2 2,808.4 52.9 241.1 0.0875 294.0 186.1 0.6328 107.9 0.6044 0.7175 180.6 155.2 0.8595 0.8300 0.8064 0.6693 36.7 2.98 16.1 1.31 24.8 20.6
0.0 3,112.8 28.3 229.2 2,855.3 46.9 291.3 0.1037 338.2 242.1 0.7158 96.1 0.6466 0.7316 170.5 138.4 0.8120 0.8300 0.8052 0.6684 27.3 2.17 5.8 0.46 25.9 21.5
10.7 -3.1 15.6
11.3 -1.1 33.0
8.8 1.2 19.1
12.5 -3.6 23.3
10.0 -2.3 12.8
15.2 -1.3 20.8
13.7 -2.0 24.6
16.1 -4.7 16.5
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
1992 Q2
Q3
Q4
Q1
1993 Q2
Q3
Q4
169.8 103.2 -11.9 88.7 40.4
41.3 -28.5 -3.3 104.2 41.9
140.1 79.2 1.5 60.9 39.9
123.2 44.2 -12.7 109.9 51.0
53.3 -3.6 -8.1 77.4 37.7
142.0 62.3 -5.4 56.6 57.7
120.3 46.1 -10.0 78.8 58.8
121.2 31.2 -17.4 86.1 66.2
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
1994 Q2
Q3
Q4
Q1
1995 Q2
Q3
Q4
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 3,145.6 28.4 227.5 2,889.7 34.4 223.0 0.0781 257.3 164.5 0.6394 92.8 0.5791 0.7113 138.1 131.8 0.9546 0.8333 0.8138 0.6781 17.8 1.42 1.7 0.14 25.4 16.0
0.0 3,193.1 29.9 233.2 2,930.0 40.3 155.2 0.0537 195.5 70.1 0.3585 125.4 0.4945 0.5766 195.9 176.0 0.8986 0.8333 0.8239 0.6866 27.9 2.18 11.0 0.86 28.7 16.9
0.0 3,244.3 33.2 238.9 2,972.2 42.2 99.0 0.0338 141.2 30.8 0.2179 110.5 0.4438 0.5130 191.1 154.6 0.8092 0.8333 0.8257 0.6881 31.7 2.44 17.2 1.33 26.8 14.5
0.0 3,292.6 34.9 242.0 3,015.8 43.6 79.8 0.0269 123.4 28.2 0.2281 95.3 0.4219 0.4931 167.5 134.0 0.8003 0.8333 0.8217 0.6847 30.0 2.27 18.1 1.36 27.5 12.0
0.0 3,322.0 33.7 245.3 3,043.0 27.2 62.9 0.0209 90.1 20.4 0.2271 69.6 0.3920 0.4797 131.4 97.4 0.7411 0.8367 0.8234 0.6889 21.6 1.61 12.3 0.92 20.0 9.3
0.0 3,372.4 33.5 253.4 3,085.4 42.5 96.5 0.0317 139.0 32.2 0.2320 106.7 0.4687 0.5486 180.2 149.4 0.8291 0.8367 0.8231 0.6887 37.2 2.77 23.3 1.74 24.6 13.9
0.0 3,429.7 35.2 258.5 3,136.1 50.7 125.2 0.0406 175.9 59.8 0.3401 116.1 0.5273 0.6159 200.4 163.5 0.8162 0.8367 0.8180 0.6844 41.9 3.09 25.4 1.87 25.4 16.5
0.0 3,463.7 34.3 259.5 3,170.0 33.8 132.5 0.0422 166.3 67.2 0.4043 99.1 0.5997 0.6795 179.4 140.0 0.7801 0.8367 0.8156 0.6824 20.7 1.51 6.3 0.46 26.0 14.5
15.0 -2.4 23.9
10.1 5.0 32.4
6.4 5.0 21.7
6.3 2.4 15.5
4.5 2.6 7.7
5.2 7.3 21.4
7.2 4.3 23.6
7.3 0.2 14.8
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
1994 Q2
Q3
Q4
Q1
1995 Q2
Q3
Q4
107.2 32.8 -8.1 120.6 57.1
90.8 26.6 17.6 103.1 37.3
96.0 44.1 17.0 64.2 29.5
135.6 88.6 13.1 85.9 27.5
122.9 66.0 13.2 54.3 14.2
128.7 83.4 30.0 59.9 18.1
132.4 74.0 11.5 70.3 32.9
101.7 45.8 3.0 85.6 31.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
1996 Q2
Q3
Q4
Q1
1997 Q2
Q3
Q4
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 3,514.3 34.7 260.4 3,219.2 49.3 145.1 0.0458 194.4 102.7 0.5283 91.7 0.5376 0.6209 146.2 129.2 0.8837 0.8400 0.8152 0.6847 38.4 2.76 24.5 1.76 23.9 13.9
0.0 3,574.5 37.5 272.4 3,264.6 45.4 168.2 0.0523 213.6 75.7 0.3545 137.9 0.5376 0.6224 213.0 192.7 0.9050 0.8400 0.8218 0.6903 40.9 2.89 22.5 1.59 29.0 18.4
0.0 3,640.7 41.8 280.7 3,318.2 53.6 141.9 0.0435 195.5 51.4 0.2630 144.1 0.4455 0.5242 220.5 204.0 0.9255 0.8400 0.8111 0.6813 42.3 2.96 24.7 1.72 32.1 17.7
0.0 3,691.2 39.0 290.9 3,361.2 43.0 120.8 0.0364 163.8 57.1 0.3486 106.7 0.4877 0.5791 195.4 150.9 0.7726 0.8400 0.8120 0.6821 36.2 2.50 21.3 1.47 29.8 14.9
0.0 3,738.5 35.7 298.5 3,404.2 43.0 120.7 0.0359 163.6 66.5 0.4065 97.1 0.4785 0.6149 159.8 135.8 0.8499 0.8433 0.8186 0.6903 36.5 2.48 23.3 1.59 27.1 13.2
0.0 3,794.0 37.6 312.0 3,444.5 40.3 143.4 0.0421 183.7 58.0 0.3158 125.7 0.4502 0.5793 227.9 175.0 0.7679 0.8433 0.8221 0.6933 39.8 2.68 21.2 1.43 27.2 18.5
0.0 3,888.5 39.0 323.7 3,525.8 81.3 157.3 0.0457 238.6 87.7 0.3673 151.0 0.4420 0.5747 243.8 212.1 0.8700 0.8433 0.8150 0.6873 74.7 4.96 53.6 3.56 31.8 21.1
0.0 3,932.5 39.9 332.0 3,560.6 34.7 190.5 0.0540 225.2 107.4 0.4768 117.8 0.5210 0.6937 219.4 164.5 0.7497 0.8433 0.8201 0.6916 27.6 1.80 8.5 0.55 29.4 19.2
10.6 0.1 20.0
13.0 11.2 36.5
10.7 7.4 38.7
8.8 9.4 14.4
10.6 6.8 18.7
11.0 12.6 21.6
12.5 10.8 37.7
12.5 7.5 17.2
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
1996 Q2
Q3
Q4
Q1
1997 Q2
Q3
Q4
193.7 110.6 3.9 102.5 37.8
139.0 85.8 44.9 121.4 49.6
129.0 64.2 23.6 128.4 46.8
169.7 111.3 40.4 85.9 38.0
187.8 106.9 31.6 97.8 36.7
130.7 81.3 49.1 62.4 42.3
256.0 177.0 37.0 123.8 54.7
139.8 61.1 33.1 96.2 52.9
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
1998 Q2
Q3
Q4
Q1
1999 Q2
Q3
Q4
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 4,002.0 40.8 336.1 3,625.1 64.5 217.5 0.0611 282.0 185.0 0.6562 97.0 0.5333 0.6842 184.1 136.2 0.7398 0.8467 0.8126 0.6880 59.7 3.81 39.8 2.54 23.0 19.9
0.0 4,093.1 42.3 342.0 3,708.8 83.7 297.1 0.0820 380.8 205.9 0.5407 174.9 0.5675 0.7161 272.7 244.5 0.8968 0.8467 0.8163 0.6911 71.0 4.46 42.9 2.70 33.2 28.1
0.0 4,185.0 45.2 351.3 3,788.4 79.6 276.9 0.0747 356.5 186.5 0.5232 170.0 0.5438 0.6994 286.8 237.8 0.8292 0.8467 0.8158 0.6907 68.4 4.24 40.6 2.52 35.3 27.8
0.0 4,291.7 46.7 361.4 3,883.6 95.2 310.3 0.0819 405.5 266.1 0.6562 139.4 0.5733 0.6918 254.7 196.4 0.7713 0.8467 0.8099 0.6857 87.1 5.34 59.4 3.64 33.5 27.7
0.0 4,383.5 48.5 365.7 3,969.3 85.7 313.3 0.0807 398.9 245.5 0.6154 153.4 0.5897 0.7056 212.3 215.0 1.0127 0.8500 0.8117 0.6900 68.1 4.13 44.1 2.68 37.5 24.0
0.0 4,490.5 50.9 372.1 4,067.5 98.2 259.1 0.0653 357.3 158.6 0.4437 198.8 0.5201 0.6284 310.4 278.6 0.8978 0.8500 0.8116 0.6899 80.8 4.87 52.4 3.16 39.6 28.4
0.0 4,621.8 54.5 391.1 4,176.2 108.8 184.3 0.0453 293.1 93.3 0.3185 199.7 0.5018 0.5975 318.6 280.0 0.8787 0.8500 0.8115 0.6898 103.8 6.19 77.3 4.61 40.0 26.5
0.0 4,714.3 57.4 401.8 4,255.1 78.9 160.0 0.0383 238.9 75.1 0.3144 163.8 0.4528 0.5655 275.4 229.5 0.8335 0.8500 0.8117 0.6899 63.3 3.70 42.4 2.48 42.8 20.9
17.7 3.2 12.9
24.2 5.1 49.7
20.1 8.4 39.8
24.5 9.1 22.7
31.0 3.4 47.7
22.9 5.4 55.2
18.7 18.0 53.5
17.5 9.7 33.3
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
1998 Q2
Q3
Q4
Q1
1999 Q2
Q3
Q4
282.9 182.0 18.7 77.6 64.1
250.4 160.3 17.6 175.4 95.6
226.2 119.2 26.3 128.2 85.3
385.0 269.2 40.2 119.2 101.4
316.7 210.1 20.8 220.5 116.9
288.7 185.4 17.7 196.8 90.5
361.7 267.6 64.3 180.6 79.8
296.9 201.6 42.7 160.8 73.3
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
2000 Q2
Q3
Q4
Q1
2001 Q2
Q3
Q4
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 4,789.6 59.9 420.7 4,309.0 53.8 176.4 0.0415 230.2 70.5 0.3061 159.8 0.4010 0.5418 230.1 224.2 0.9746 0.8500 0.8106 0.6890 49.5 2.80 31.3 1.77 40.0 18.2
0.0 4,910.4 62.6 446.6 4,401.2 92.2 169.9 0.0394 262.1 63.9 0.2438 198.2 0.4563 0.5593 319.4 280.3 0.8776 0.8500 0.8045 0.6838 95.6 5.36 70.2 3.93 39.6 25.4
0.0 5,025.8 65.9 469.6 4,490.4 89.2 182.7 0.0415 271.9 67.8 0.2493 204.1 0.5249 0.6291 326.2 291.4 0.8933 0.8500 0.7968 0.6773 88.4 4.87 62.3 3.43 40.9 26.1
0.0 5,122.3 67.3 492.1 4,563.0 72.6 221.5 0.0493 294.1 98.4 0.3346 195.7 0.5547 0.6775 288.3 281.0 0.9745 0.8500 0.7924 0.6735 63.5 3.48 40.3 2.21 49.0 23.2
0.0 5,212.0 71.6 497.9 4,642.5 79.6 273.7 0.0600 353.2 207.1 0.5863 146.1 0.5165 0.6501 237.9 208.9 0.8780 0.8500 0.7957 0.6764 69.0 3.74 45.0 2.44 34.2 24.0
0.0 5,367.2 74.9 519.4 4,772.9 130.3 426.4 0.0919 556.7 325.8 0.5852 230.9 0.6100 0.7043 345.7 332.0 0.9604 0.8500 0.7912 0.6725 124.9 6.74 87.7 4.74 45.2 37.2
0.0 5,506.5 76.9 535.4 4,894.2 121.4 422.4 0.0885 543.7 295.3 0.5430 248.5 0.5753 0.6887 357.3 358.3 1.0030 0.8500 0.7888 0.6705 106.3 5.58 69.7 3.66 50.0 36.6
0.0 5,631.8 77.8 530.0 5,024.0 129.8 534.8 0.1093 664.5 486.4 0.7319 178.1 0.5601 0.7141 313.5 259.5 0.8277 0.8500 0.7810 0.6639 97.2 5.17 59.1 3.14 46.8 38.1
19.1 17.9 45.2
17.3 24.8 49.2
18.1 21.9 51.8
21.7 21.4 52.4
27.3 4.6 30.6
49.8 20.3 65.3
45.4 14.8 76.0
51.8 -6.6 27.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
2000 Q2
Q3
Q4
Q1
2001 Q2
Q3
Q4
246.7 170.5 79.8 215.7 70.1
343.2 243.5 94.3 172.7 67.6
292.0 203.1 79.3 169.6 77.4
306.7 199.3 90.4 236.0 90.0
328.4 232.1 27.5 163.1 103.7
455.6 302.2 75.7 234.0 196.4
360.7 231.0 51.0 265.8 187.3
445.2 281.3 -7.9 135.5 209.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
2002 Q2
Q3
Q4
Q1
2003 Q2
Q3
Q4
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 5,763.6 77.6 529.7 5,156.3 132.4 501.6 0.0998 634.0 421.8 0.6654 212.2 0.5847 0.7212 281.8 307.2 1.0905 0.8500 0.7856 0.6677 101.5 5.24 66.7 3.44 50.9 34.8
0.0 5,928.6 78.5 555.6 5,294.5 138.2 385.6 0.0748 523.8 272.5 0.5202 251.3 0.5299 0.6758 392.4 363.3 0.9257 0.8500 0.7870 0.6690 137.4 7.01 98.7 5.03 47.7 38.8
0.0 6,120.0 81.0 576.2 5,462.8 168.3 516.0 0.0975 684.2 455.2 0.6654 229.0 0.5331 0.7000 393.2 337.6 0.8587 0.8500 0.7716 0.6559 165.0 8.41 120.2 6.13 45.9 44.7
0.0 6,317.4 81.2 583.6 5,652.6 189.8 793.9 0.1453 983.7 752.5 0.7650 231.1 0.6087 0.7347 366.1 345.0 0.9425 0.8500 0.7620 0.6477 163.2 8.28 112.1 5.69 57.3 51.1
0.0 6,494.6 83.1 597.8 5,813.7 161.2 763.4 0.1350 924.5 720.1 0.7789 204.4 0.5732 0.7056 303.4 306.6 1.0105 0.8500 0.7586 0.6448 151.4 7.58 105.6 5.29 48.8 45.8
0.0 6,715.1 85.3 621.6 6,008.1 194.4 966.3 0.1662 1,160.7 876.7 0.7554 283.9 0.5964 0.7244 446.8 430.0 0.9624 0.8500 0.7511 0.6384 188.3 9.31 125.7 6.21 56.2 62.6
0.0 6,945.9 87.2 651.0 6,207.7 199.6 1,053.7 0.1754 1,253.3 912.5 0.7280 340.9 0.5851 0.7031 499.5 515.4 1.0317 0.8500 0.7524 0.6396 191.4 9.25 122.6 5.93 65.6 68.8
0.0 7,120.2 90.0 685.3 6,345.0 137.2 557.4 0.0898 694.6 405.1 0.5832 289.5 0.4830 0.6673 435.5 432.8 0.9937 0.8500 0.7610 0.6468 130.4 6.27 85.5 4.11 70.3 44.8
63.8 -1.6 67.2
44.4 24.6 67.4
43.6 19.3 46.9
62.3 6.0 52.1
75.2 12.8 52.1
76.9 22.3 72.4
87.5 27.8 101.7
57.8 32.8 74.4
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
2002 Q2
Q3
Q4
Q1
2003 Q2
Q3
Q4
464.7 320.9 -9.8 312.7 249.9
499.5 339.8 91.5 241.4 174.8
590.3 427.7 68.4 150.2 180.3
714.1 502.3 30.0 230.3 251.3
668.1 474.2 62.1 257.0 296.3
696.1 447.0 80.8 261.3 304.4
693.3 435.9 102.6 368.7 356.4
588.4 400.7 137.4 315.0 232.7
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1
2004 Q2
Q3
Q4
2005 Q1
All Mortgagees (1) Net sales (2) 1-4 mortgage debt outstanding, end of quarter (FOF) (3) Construction loans (4) Home equity loans (5) Regular mortgages [(2)-(3)-(4)] (6) Change [(5)-(5){t-1}] (8) Repayments (7) Repayment rate [(8)/(5){t-1}] (9) Total originations [(6)+(8)] (10) Refinance originations (11) Refinance share [(10)/(9)] (12) Purchase originations [(9)-(10)] (13) GSE & Ginnie Mae purchases / total originations (14) GSE, Ginnie Mae, & private MBS purchases / originations (15) Value of homes purchased (source: Census and NAR) (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 (17) Implied value of homes purchased / Census & NAR value [(16)/(15)] (18) Number of mortgaged purchases / total number of purchases (19) Weighed loan-to-price ratio of homes purchased (described in the paper) (20) Mortgaged share * loan-to-price ratio [(18)*(19)] (21) Gross equity extraction (22) As a percent of disposable income (23) Net equity extraction [(21)-(26)] (24) As a percent of disposable income (25) Memo: Originations to purchase new homes (see appendix E) (26) Closing costs (see footnote 4 in main paper) Components of Gross Equity Extraction: (27) Gross cash out (28) Change in home equity debt outstanding - unscheduled payments (29) Originations to finance purchases of existing homes minus sellers' debt cancellation
0.0 7,335.2 94.5 714.8 6,525.9 180.9 429.5 0.0677 610.4 381.1 0.6244 229.3 0.4162 0.6432 368.2 349.9 0.9503 0.8500 0.7455 0.6337 185.4 8.75 146.6 6.92 55.2 38.8
0.0 7,551.8 98.8 769.1 6,683.9 158.0 656.9 0.1007 814.9 461.2 0.5659 353.7 0.4488 0.7130 571.5 534.0 0.9344 0.8500 0.7535 0.6405 177.5 8.28 119.4 5.57 65.9 58.1
0.0 7,855.7 105.0 833.2 6,917.5 233.6 415.2 0.0621 648.9 290.9 0.4483 358.0 0.3368 0.6796 580.5 525.9 0.9059 0.8500 0.7744 0.6582 260.2 12.00 206.7 9.53 69.6 53.5
0.0 8,079.9 110.5 886.6 7,082.9 165.4 521.4 0.0754 686.8 364.1 0.5302 322.7 0.3308 0.6750 521.4 476.3 0.9135 0.8500 0.7707 0.6551 176.3 7.90 126.7 5.68 75.6 49.6
0.0 8,277.6 117.0 917.2 7,243.5 160.6 500.8 0.0707 661.4 382.9 0.5789 278.5 0.3002 0.6474 424.5 413.0 0.9730 0.8500 0.7671 0.6521 163.7 7.36 119.9 5.39 61.5 43.8
43.9 28.0 49.4
58.6 52.6 91.2
58.7 62.5 91.5
67.8 51.6 77.8
77.4 28.9 75.4
Estimates of Mortgage Originations Calculated from Data on Loans Outstanding and Repayments (billions of dollars, except where noted; not seasonally adjusted)
Q1 Seasonally adjusted, annual rate: (30) Gross equity extraction (31) Net equity extraction Components of Gross Equity Extraction: (32) Change in home equity debt outstanding - unscheduled payments (33) Originations to finance purchases of existing homes minus sellers' debt cancellation (34) Gross cash out
2004 Q2
Q3
Q4
2005 Q1
804.6 636.3 123.5 252.2 172.1
650.5 424.4 200.8 335.1 230.4
966.0 769.2 241.3 325.1 241.0
776.9 567.9 213.1 327.3 272.4
714.8 528.7 127.9 360.0 306.5