Greenspan, Alan and James E. Kennedy. 2005. "Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences." FEDS Paper No. 2005-41 (September). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=874821#PaperDownload Table 1: They estimate that by 2004, that net equity extraction (subtracting closing costs) represented 6.92% of disposable income.
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
