[lbo-talk] Alan G writes a paper

[Mark S]

I understand that the overall growth rate in the price of U.S. residences 
has slowed recently because the supply of new houses is larger.  However, 
the growth rate in the price of resales is at a 26-year high.  Party on!

M.
>
>Greenspan-cash from home values grew mortgage debt
>Mon Sep 26, 2005 04:08 PM ET
>By Mark Felsenthal
>
>WASHINGTON, Sept 26 (Reuters) - Federal Reserve Chairman Alan Greenspan 
>said on Monday his own research reveals that 80 percent of the gain in U.S. 
>mortgage debt is due to people taking cash out of the value of their homes.
>
>"Discretionary extraction of home equity accounts for about four-fifths of 
>the rise in home mortgage debt," he said, describing the paper in a speech 
>to the American Bankers' Association.
>

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