Abstract

http://ssrn.com/abstract=1336049
 


 



Home Equity Extraction by Homeowners: 2000-2006


Michael LaCour-Little


California State University at Fullerton

Eric Rosenblatt


Federal National Mortgage Association (Fannie Mae) - Research

Vincent W. Yao


American University

February 1, 2009

Journal of Real Estate Research, 2009

Abstract:     
We develop a unique paired loan dataset containing information on multiple conventional conforming mortgage loans of households to examine home equity extraction decisions over the period 2000-2006. The main question addressed is how much households borrow when refinancing their current mortgage debt in a cash-out transaction. We also provide estimates of the marginal effect of certain borrower characteristics. Results contribute both to the literature on refinancing behavior and the role of house price appreciation in providing funds that may be used for consumer spending or other purposes.

Keywords: Cash our refinance, equity extraction

JEL Classification: E2, E4, G2

Accepted Paper Series





Not Available For Download

Date posted: February 1, 2009  

Suggested Citation

LaCour-Little, Michael and Rosenblatt, Eric and Yao, Vincent W., Home Equity Extraction by Homeowners: 2000-2006 (February 1, 2009). Journal of Real Estate Research, 2009. Available at SSRN: http://ssrn.com/abstract=1336049

Contact Information

Michael LaCour-Little
California State University at Fullerton ( email )
5133 Mihaylo Hall
Fullerton, CA 92834-6848
United States
657-278-4014 (Phone)
657-278-2161 (Fax)
Eric Rosenblatt
Federal National Mortgage Association (Fannie Mae) - Research ( email )
16517 Keats Terrace
Derwood, MD 20855
United States
Vincent W. Yao (Contact Author)
American University ( email )
4400 Massachusetts Ave, NW
Washington, DC 20016
United States
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