Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: GraceZ who wrote (12687)	10/2/2004 8:25:22 PM
From: Elroy Jetson	Read Replies (1) of 116555

It's quite imaginative of you to suggest that the recent massive "Equity Extraction by Home Owners" has been caused by low interest rates. It's unfortunate that the facts don't fit this story. It sure was a good attempt, though. Here is a chart showing the steady decline in Mortgage Rates from 1982 to the current day. home.pacbell.net By contrast, the chart of "Equity Extraction by Home Owners" shows a precipitous increase only since 2001 to the current day. home.pacbell.net Clearly, declining interest rates are not the explanation for this massive move by consumers in recent years to eat their homes in a desperate attempt to maintain their lifestyles.

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