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Graph: Mortgage equity withdrawals fell off a cliff in ’08

The Calculated Risk blog has published a graph featuring data on the dramatic plunge in home mortgage equity withdrawals.

The Calculated Risk blog has published a graph featuring data on the dramatic plunge in home mortgage equity withdrawals. It encapsulates not only what has happened to housing prices but what’s happened to domestic consumption: At the height of the housing boom, the practice of drawing down cash from ever-escalating house values accounted for about 6 percent of U.S. consumer spending.

More at CalcRisk.