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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: J. P. who wrote (211046)	12/22/2002 1:34:03 AM
From: smolejv@gmx.net	Read Replies (1) \| Respond to of 436258

from Doug Noland's epistle for this week: "...The December Federal Reserve Bulletin contains an interesting study, “Mortgage Refinancing in 2001 and Early 2002.” An estimated $131.6 billion of equity was extracted in the refinancing process during the 18-month period 2001 through the first-half of 2002. I will touch upon a few highlights: Forty-five percent of homeowners who refinanced in 2001 and the first half of 2002 extracted equity, compared to about 35% during 1999. The average (mean) extraction jumped from 1999’s $18,240 to $26,723. By dollar amount, 26% of extracted equity was used to Repay Debt, 35% for Home Improvements, 16% for Consumer Expenditures, 11% for Stock Market or Other Financial Investment, 10% Real Estate or Business Investment, and 2% to pay Taxes. ..."