Analyst's Handbook: Real Estate · New Home Prices 8 Existing Home Prices 9-12 FHFA Home Price...

Analyst’s Handbook:Real Estate

Yardeni Research, Inc.

January 3, 2013

Dr. Edward Yardeni516-972-7683

[email protected]

Mali Quintana480-664-1333

[email protected]

Please visit our sites atwww.yardeni.comblog.yardeni.com

thinking outside the box

Table Of Contents Table Of ContentsTable Of Contents

January 3, 2013 / Analyst’s Handbook: Real Estate www.yardeni.com


Housing Starts 1Building Permits 2Housing Market Index 3-4New Home Sales 5Existing Home Sales 6Pending Home Sales 7New Home Prices 8Existing Home Prices 9-12FHFA Home Price Indexes 13Mortgage Rates 14Mortgage Applications 15Delinquencies 16Real Estate 17-18Value of Home Sales 19Mortgages 20Housing Affordability Index 21Real Estate P/Es 22Home Equity Loans 23

59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15.3

.5

.7

.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

2.7

.3

.5

.7

.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

2.7

Nov

HOUSING STARTS(million units, saar)

Total

Source: US Department of Commerce, Bureau of the Census.

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Figure 1.

59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15.0

.5

1.0

1.5

2.0

.0

.5

1.0

1.5

2.0

Nov

HOUSING STARTS(million units, saar)

Multi-Family

Single-Family


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Figure 2.

- Housing Starts -

Page 1 / January 3, 2013 / Analyst’s Handbook: Real Estate www.yardeni.com


84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14.4

.6

.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

.4

.6

.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

Nov

BUILDING PERMITS(million units, saar)

Total


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Figure 3.

84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14.0

.1

.2

.3

.4

.5

.6

.7

.8

.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

.0

.1

.2

.3

.4

.5

.6

.7

.8

.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

Nov

BUILDING PERMITS(million units, saar)

Single-Family

Multi-Family


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Figure 4.

- Building Permits -



Figure 5.

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13250

500

750

1000

1250

1500

1750

2000

0

10

20

30

40

50

60

70

80

90

Dec

Nov

NAHB HOUSING MARKET INDEX &SINGLE-FAMILY HOUSING STARTS

Single-Family Housing Starts(thousand units, saar)

Housing Market Index

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 130

10

20

30

40

50

60

70

80

90

100

0

10

20

30

40

50

60

70

80

90

100

Dec

NAHB HOUSING MARKET INDEX COMPONENTS

Current Single-Family Sales Index

Future Single-Family Sales Index

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 130

10

20

30

40

50

60

70

0

10

20

30

40

50

60

70

Dec

NAHB HOUSING MARKET INDEX COMPONENTS

Traffic of Prospective Home Buyers

Source: National Association of Home Builders and Commerce Department.

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- Housing Market Index -



Figure 6.

2005 2006 2007 2008 2009 2010 2011 2012 20130

10

20

30

40

50

60

70

80

90

0

10

20

30

40

50

60

70

80

90

Dec

NAHB HOUSING MARKET INDEX

Northeast

2005 2006 2007 2008 2009 2010 2011 2012 20130

10

20

30

40

50

60

70

80

90

0

10

20

30

40

50

60

70

80

90

DecSouth

2005 2006 2007 2008 2009 2010 2011 2012 20130

10

20

30

40

50

60

70

0

10

20

30

40

50

60

70

Dec

Midwest

2005 2006 2007 2008 2009 2010 2011 2012 20130

20

40

60

80

100

0

20

40

60

80

100

DecWest

Source: National Association of Home Builders and Commerce Department.

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- Housing Market Index -



Figure 7.

68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

Nov

NEW HOME SALES(thousand units, saar)

68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14100

200

300

400

500

600

100

200

300

400

500

600

Nov

NEW HOMES FOR SALE(thousand units, sa)

68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 143

4

5

6

7

8

9

10

11

12

13

14

3

4

5

6

7

8

9

10

11

12

13

14

Nov

RATIO OF NEW HOMES FOR SALE TO NEW HOMES SOLD(months’ supply)


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- New Home Sales -



Figure 8.

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

Nov

EXISTING HOME SALES(million units, saar)

Total

Single-Family

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20141.5

2.0

2.5

3.0

3.5

4.0

1.5

2.0

2.5

3.0

3.5

4.0

Nov

EXISTING SINGLE-FAMILY HOMES AVAILABLE FOR SALE(million units)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20143.5

4.5

5.5

6.5

7.5

8.5

9.5

10.5

11.5

12.5

13.5

3.5

4.5

5.5

6.5

7.5

8.5

9.5

10.5

11.5

12.5

13.5

Nov

EXISTING SINGLE-FAMILY HOMES: MONTHS’ SUPPLY ON THE MARKET*

* Ratio of existing single-family homes for sale to existing single-family homes sold.Source: National Association of Realtors.

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- Existing Home Sales -



2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20143000

3500

4000

4500

5000

5500

6000

6500

7000

7500

65

75

85

95

105

115

125

135

Nov

Nov

PENDING HOME SALES INDEX vs. EXISTING HOME SALES

Total PendingHome Sales Index(saar)

Existing Home Sales(thousands, saar)

Source: National Association of Realtors.

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Figure 9.

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201450

60

70

80

90

100

110

120

130

140

150

50

60

70

80

90

100

110

120

130

140

150

Nov

PENDING HOME SALES INDEX(saar)

Total

Northeast

MidWest

South

West


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Figure 10.

- Pending Home Sales -



85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1480

100

120

140

160

180

200

220

240

260

280

300

320

340

80

100

120

140

160

180

200

220

240

260

280

300

320

340

Nov

NEW HOME SINGLE-FAMILY PRICES(thousand dollars, 12-month moving average)

AveragePrice

MedianPrice


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Figure 11.

85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14-15

-10

-5

0

5

10

15

20

-15

-10

-5

0

5

10

15

20

Nov

NEW HOME SINGLE-FAMILY PRICES(yearly percent change in 12-month moving average)

Average Price

Median Price


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Figure 12.

- New Home Prices -



70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 1620

40

60

80

100

120

140

160

180

200

220

240

260

280

20

40

60

80

100

120

140

160

180

200

220

240

260

280

Nov

EXISTING SINGLE-FAMILY HOME PRICES(thousand dollars, 12-month moving average)

AveragePrice

MedianPrice


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Figure 13.

70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

18

20

22

24

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

18

20

22

24

Nov

EXISTING SINGLE-FAMILY HOME PRICES(yearly percent change in 12-month moving average)

Average Price

Median Price


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Figure 14.

- Existing Home Prices -



Figure 15.

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1475

95

115

135

155

175

195

215

235

75

95

115

135

155

175

195

215

235

Nov

Oct

HOME PRICES(ratio scale)

Existing Single-FamilyMedian Home Price(thousand dollars, 12-ma, ratio scale)

FHFA House Price Index:Purchase Only (Q1-1991=100, sa)

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1460

80

100

120

140

160

180

200

220

60

80

100

120

140

160

180

200

220

Q3Oct

HOME PRICES(ratio scale, nsa)

S&P/Case-Shiller National Home Price Index(Q1-2000=100)

S&P/Case-Shiller 20 Metros Home Price Index(Jan 2000=100)

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87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1475

125

175

225

275

325

75

125

175

225

275

325

Nov

EXISTING SINGLE-FAMILY HOME PRICE(thousand dollars, ratio scale, nsa)

Single-Family Existing___________________

Mean

Median

Source: National Association of Realtors, Macro Markets, and Haver Analytics.

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Figure 16.

91 93 95 97 99 01 03 05 07 09 11 13 1560

80

100

120

140

160

Oct

S&P/CASE-SHILLER HOME PRICE INDEX(Jan 2000=100, nsa)

Atlanta

91 93 95 97 99 01 03 05 07 09 11 13 15100

110

120

130

OctDallas

91 93 95 97 99 01 03 05 07 09 11 13 1530

60

90

120

150

180

210

Oct

Boston

91 93 95 97 99 01 03 05 07 09 11 13 1538

58

78

98

118

138

158

OctDenver

91 93 95 97 99 01 03 05 07 09 11 13 1560

80

100

120

140

OctCharlotte

91 93 95 97 99 01 03 05 07 09 11 13 1540

60

80

100

120

140

Oct

Detroit

91 93 95 97 99 01 03 05 07 09 11 13 1550

75

100

125

150

175

OctChicago

91 93 95 97 99 01 03 05 07 09 11 13 1520

60

100

140

180

220

260

Oct

Las Vegas

91 93 95 97 99 01 03 05 07 09 11 13 1540

60

80

100

120

140

Oct

Cleveland

Source: Macro Markets.

91 93 95 97 99 01 03 05 07 09 11 13 150

100

200

300

OctLos Angeles

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Figure 17.

91 93 95 97 99 01 03 05 07 09 11 13 1550

100

150

200

250

300

350

Oct

S&P/CASE-SHILLER HOME PRICE INDEX(Jan 2000=100, nsa)

Miami

91 93 95 97 99 01 03 05 07 09 11 13 1540

80

120

160

200

240

280

OctSan Diego

91 93 95 97 99 01 03 05 07 09 11 13 1550

75

100

125

150

175

Oct

Minneapolis

91 93 95 97 99 01 03 05 07 09 11 13 1525

75

125

175

225

OctSan Francisco

91 93 95 97 99 01 03 05 07 09 11 13 1550

100

150

200

250

Oct

New York

91 93 95 97 99 01 03 05 07 09 11 13 1550

100

150

200

OctSeattle

91 93 95 97 99 01 03 05 07 09 11 13 1525

75

125

175

225

275

OctPhoenix

91 93 95 97 99 01 03 05 07 09 11 13 1550

100

150

200

250

OctTampa

91 93 95 97 99 01 03 05 07 09 11 13 1550

75

100

125

150

175

200

OctPortland

Source: Macro Markets.

91 93 95 97 99 01 03 05 07 09 11 13 1550

100

150

200

250

300

OctWashington DC

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Figure 18.

94 96 98 00 02 04 06 08 10 12 14100

150

200

250

Oct

FHFA HOUSE PRICE INDEX: PURCHASE ONLY*(Q1 1991=100, sa)

United States

94 96 98 00 02 04 06 08 10 12 1490

110

130

150

170

190

210

230

250

OctSouth Atlantic

94 96 98 00 02 04 06 08 10 12 1490

110

130

150

170

190

210

230

250

OctNew England

94 96 98 00 02 04 06 08 10 12 1490

110

130

150

170

190

210

Oct

East South Central

94 96 98 00 02 04 06 08 10 12 1490

110

130

150

170

190

210

230

250

OctMiddle Atlantic

94 96 98 00 02 04 06 08 10 12 1490

110

130

150

170

190

210Oct

West South Central

94 96 98 00 02 04 06 08 10 12 1490

110

130

150

170

190

210

Oct

East North Central

94 96 98 00 02 04 06 08 10 12 1490

120

150

180

210

240

270

300

330

OctMountain

94 96 98 00 02 04 06 08 10 12 14100

150

200

250

OctWest North Central

* Numbers in boxes show percentage declines since peaks.Source: Federal Housing Finance Administration.

94 96 98 00 02 04 06 08 10 12 1490

120

150

180

210

240

270

300

Oct

Pacific

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- FHFA Home Price Indexes -



84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 143

5

7

9

11

13

15

17

3

5

7

9

11

13

15

17

1/3

INTEREST RATE ON FIXED-RATE MORTGAGES

30-Year Mortgage*

* Average conventional 30-year commitment rate.Source: FHLMC Primary Mortgage Market Survey.

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Figure 19.

84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 142

3

4

5

6

7

8

9

10

11

12

13

14

2

3

4

5

6

7

8

9

10

11

12

13

14

1/3

INTEREST RATE ON ADJUSTABLE RATE MORTGAGES(percent)

1-Year Mortgage

Source: Federal Home Loan Mortgage Corporation.

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Figure 20.

- Mortgage Rates -



90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 143

4

5

6

7

8

25

50

75

100

125

150

175

200

225

250

275

300

325

350

375

400

425

450

475

500

525

550

12/28

MORTGAGE APPLICATIONS: NEW PURCHASE INDEX vs. SINGLE FAMILY HOME SALES

Mortgage Applications:New Purchase Index(4-week average, sa)

New Plus ExistingSingle Family Home Sales(million units, saar)

Source: Mortgage Bankers of America.

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Figure 21.

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 140

2000

4000

6000

8000

10000

12000

0

2000

4000

6000

8000

10000

12000

12/28

MORTGAGE APPLICATIONS

Refinancing Index(sa)

Source: Mortgage Bankers Association.

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Figure 22.

- Mortgage Applications -



91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 141

2

3

4

5

6

7

8

9

10

11

1

2

3

4

5

6

7

8

9

10

11

Q3

LOAN DELINQUENCY RATE: ALL COMMERCIAL BANKS(percent, sa)

Real Estate Loans

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Source: Board of Govenors of the Federal Reserve System.

Figure 23.

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14.5

1.5

2.5

3.5

4.5

5.5

6.5

7.5

8.5

9.5

10.5

11.5

12.5

13.5

.5

1.5

2.5

3.5

4.5

5.5

6.5

7.5

8.5

9.5

10.5

11.5

12.5

13.5

Q3

LOAN DELINQUENCY RATE: ALL COMMERCIAL BANKS(percent, sa)

Residential Loans*

Commercial Loans**

* Residential real estate loans include loans secured by one- to four-family properties, including home equity lines of credit.** Commercial real estate loans include construction and land development loans, loans secured by multifamily residences, and loans secured by nonfarm,

nonresidential real estate.Source: Board of Govenors of the Federal Reserve System.

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Figure 24.

- Delinquencies -



88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 145

7

9

11

13

15

17

19

21

23

25

5

7

9

11

13

15

17

19

21

23

25

Q3

VALUE OF OWNER-OCCUPIED HOUSEHOLD REAL ESTATE(trillion dollars, sa)

Source: Flow of Funds.

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Figure 25.

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 143.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

Q3

VALUE OF EXISTING HOME SALES*(as a percent of Total Owner-Occupied Real Estate)

* Value of existing home sales (saar)=quarterly average of the following: existing home sales (saar) multiplied by the average existing home price.Source: National Association of Realtors, US Department of Commerce, Bureau of the Census and Flow of Funds.

yardeni.com

Figure 26.

- Real Estate -



0

2

4

6

8

10

12

14

0

2

4

6

8

10

12

14

Q3

60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 1625303540455055606570758085

25303540455055606570758085

Q3

REAL ESTATE(trillion dollars, nsa)

OWNERS’ EQUITY(as a percent of household real estate)

Owners’ Equity in Household Real Estate

Home Mortgages*

* Includes home equity loans and second mortgages.Source: Federal Reserve Board Flow of Funds Accounts.

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Figure 27.

70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14-25

-20

-15

-10

-5

0

5

10

15

20

25

-25

-20

-15

-10

-5

0

5

10

15

20

25

Nov

HOME VALUES(yearly percent change in 12-month average)

Total Value of HouseholdReal Estate Holdings

Median Existing Home Price

Source: Federal Reserve Board Flow of Funds Accounts and National Association of Realtors.

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Figure 28.

- Real Estate -



88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14200

400

600

800

1000

1200

1400

1600

1800

200

400

600

800

1000

1200

1400

1600

1800

Q3

VALUE OF EXISTING HOME SALES*(billion dollars, saar)

* Value of existing home sales (saar)=quarterly average of the following: existing home sales (saar) multiplied by the average existing home price.Source: National Association of Realtors, US Department of Commerce, Bureau of the Census.

yardeni.com

Figure 29.

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1450

100

150

200

250

300

350

400

450

50

100

150

200

250

300

350

400

450

Q3

VALUE OF NEW HOME SALES*(billion dollars, saar)

* Value of new home sales (saar)=quarterly average of the following: new home sales (saar) multiplied by the average new home price.Source: US Department of Commerce, Bureau of the Census.

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Figure 30.

- Value of Home Sales -



88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14-650

-450

-250

-50

150

350

550

750

950

1150

1350

1550

-650

-450

-250

-50

150

350

550

750

950

1150

1350

1550

Q3

HOME MORTGAGE BORROWING(billion dollars, saar)

Source: Federal Reserve Board, Flow of Funds Accounts.

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Figure 31.

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14-1.0

-.5

.0

.5

1.0

-1.0

-.5

.0

.5

1.0

Q3

HOME MORTGAGE BORROWING(as a ratio of the value of existing* and new home sales**)

* Value of existing home sales (saar)=quarterly average of the following: existing home sales (saar) multiplied by the average existing home price.** Value of new home sales (saar)=quarterly average of the following: new home sales (saar) mulitplied by the average new home price.

Source: National Association of Realtors, US Department of Commerce, Bureau of the Census.

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Figure 32.

- Mortgages -



80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1460

80

100

120

140

160

180

200

220

60

80

100

120

140

160

180

200

220

Oct

HOUSING AFFORDABILITY INDEX*


* Index=100 when median family income qualifies for an 80% mortgage on a median priced existing single-family home. Rising index indicates morebuyers can afford to enter market.

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Figure 33.

60

80

100

120

140

160

180

200

220

Oct

100

150

200

250

300

Oct

90 92 94 96 98 00 02 04 06 08 10 12 14 1650

100

150

200

250

Oct

90 92 94 96 98 00 02 04 06 08 10 12 14 1650

100

150

200

Oct

HOUSING AFFORDABILITY INDEX*

Northeast Midwest

South West


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Figure 34.

- Housing Affordability Index -



58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 161.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

3.2

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

3.2

Q3

Q3

MARKET VALUE OWNER-OCCUPIED HOUSEHOLD REAL ESTATE

As a ratio of disposable personal incomeexcluding personal current transfer paymentsand other labor income

As a ratio ofdisposable personal income

Source: Federal Reserve Board Flow of Funds Accounts and US Department of Commerce, Bureau of Economic Analysis.

yardeni.com

Figure 35.

58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16.3

.4

.5

.6

.7

.8

.9

1.0

1.1

1.2

1.3

1.4

1.5

.3

.4

.5

.6

.7

.8

.9

1.0

1.1

1.2

1.3

1.4

1.5

Q3

Q3

HOME MORTGAGES OUTSTANDING*

As a ratio of disposable personal incomeexcluding personal current transfer paymentsand other labor income

As a ratio ofdisposable personal income

* Includes home equity loans and second mortgages.Source: Federal Reserve Board Flow of Funds Accounts and US Department of Commerce, Bureau of Economic Analysis.

yardeni.com

Figure 36.

- Real Estate P/Es -



91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 1640

100

160

220

280

340

400

460

520

580

640

700

760

820

880

940

1000

1060

1120

1180

40

100

160

220

280

340

400

460

520

580

640

700

760

820

880

940

1000

1060

1120

1180

Q3

12/19

HOME EQUITY LOANS(billion dollars, sa)

At Commercial Banks(weekly)

US CharteredDepository Institutions(quarterly)

Total Home Equity Loans*

* Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companiesand individuals.Source: Board of Governors of the Federal Reserve System.

yardeni.com

Figure 37.

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14-125

-100

-75

-50

-25

0

25

50

75

100

125

150

175

200

225

-125

-100

-75

-50

-25

0

25

50

75

100

125

150

175

200

225

12/19

Q3

HOME EQUITY LOANS(yearly change, billion dollars)

Home Equity Loans________________

At Weekly ReportingCommercial Banks

Total*

Source: Board of Governors of the Federal Reserve System.

* Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companiesand individuals.

yardeni.com

Figure 38.

- Home Equity Loans -



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