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Recent developments in home equity lending

Author

Listed:
  • Glenn B. Canner
  • Thomas A. Durkin
  • Charles A. Luckett

Abstract

The equity that has accumulated in homes is one of the largest components of U.S. household wealth. In recent years, many homeowners have borrowed large amounts against that equity, frequently to finance new consumption expenditures or pay down outstanding consumer debt. In view of the growing importance of home equity credit in household finances, the Federal Reserve has for a number of years participated in nationwide surveys of the use of home equity loans. This article presents findings from a 1997 survey and from other sources of information on home equity lending.

Suggested Citation

  • Glenn B. Canner & Thomas A. Durkin & Charles A. Luckett, 1998. "Recent developments in home equity lending," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 84(Apr), pages 241-251, April.
    • Handle: RePEc:fip:fedgrb:y:1998:i:apr:p:241-251:n:v.84no.4
    DOI: 10.17016/bulletin.1998.84-4
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    File URL: http://www.federalreserve.gov/pubs/bulletin/1998/199804lead.pdf
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    Citations

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    Cited by:

    1. LaCour-Little, Michael & Calhoun, Charles A. & Yu, Wei, 2011. "What role did piggyback lending play in the housing bubble and mortgage collapse?," Journal of Housing Economics, Elsevier, vol. 20(2), pages 81-100, June.
    2. Shubhasis Dey, 2005. "Lines of Credit and Consumption Smoothing: The Choice between Credit Cards and Home Equity Lines of Credit," Staff Working Papers 05-18, Bank of Canada.
    3. Michel, Norbert & Lajaunie, John P. & Lawrence, Shari & Fanguy, Ronnie, 2014. "Home equity lines of credit and the unemployment rate: Have unemployed consumers borrowed themselves into the next financial crisis?," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 147-154.
    4. Agarwal, Sumit & Ambrose, Brent W. & Chomsisengphet, Souphala & Liu, Chunlin, 2006. "An empirical analysis of home equity loan and line performance," Journal of Financial Intermediation, Elsevier, vol. 15(4), pages 444-469, October.
    5. Kim, Chul Ju (ed.), 2019. "Aging Societies: Policies and Perspectives," ADBI Books, Asian Development Bank Institute, number 9, Décembre.
    6. Michael LaCour-Little & Wei Yu & Libo Sun, 2014. "The Role of Home Equity Lending in the Recent Mortgage Crisis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(1), pages 153-189, March.
    7. James Conklin & Kristopher Gerardi & Lauren Lambie-Hanson, 2022. "Can Everyone Tap Into the Housing Piggy Bank? Racial Disparities in Access to Home Equity," FRB Atlanta Working Paper 2022-17, Federal Reserve Bank of Atlanta.
    8. Sebastian Barnes & Garry Young, 2003. "The rise in US household debt: assessing its causes and sustainability," Bank of England working papers 206, Bank of England.
    9. Yamashita, Takashi, 2007. "House price appreciation, liquidity constraints, and second mortgages," Journal of Urban Economics, Elsevier, vol. 62(3), pages 424-440, November.

    More about this item

    Keywords

    Home equity loans;

    JEL classification:

    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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