Subprime Mortage Meltdown and Consumer Demand
Greenspan, Alan and James E. Kennedy. 2005. “Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences.” FEDS Paper No. 2005-41 (September).
Table 1: They estimate that by 2004, that net equity extraction (subtracting closing costs) represented 6.92% of disposable income.