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32. 1997 Economic Census





813. Home Equity Lending--Percentage of Homeowners with Credit, Sources of Credit, and Uses for Funds Borrowed

[In percent. A "traditional home equity loan" is a closed-end loan extended for a specific period that generally requires repayment of interest and principal in equal monthly installments. Such a loan typically has a fixed interest rate. A "home equity line of credit" is a revolving account that permits borrowing from time to time, at the homeowner's discretion, up to the amount of the credit line. It usually has a more flexible repayment schedule and a variable interest rate. Based on the Surveys of Consumers, a sample survey (2,527 households in 1993-94) conducted by the Survey Research Center of the University of Michigan]

 
1993-94 1 1997 1
HOME EQUITY TRADITIONAL HOME USES FOR -
ITEM LINES OF CREDIT EQUITY LOANS FUNDS Home Traditional Home Traditional
BORROWED equity home equity home
1988 1993-94 1997 1988 1993-94 1997 lines of equity lines of equity
credit loans credit loans
 
Percentage of homeowners Home improvement 64 38 69 45
with home equity credit 6 8 8 5 5 5 Repayment of other debts 45 68 49 61
  Education 21 4 19 2
SOURCE OF HOME
EQUITY CREDIT Real estate 12 8 9 10
  Total 100 100 100 100 100 100 Auto or truck 30 3 37 6
Commercial banks 54 60 61 33 29 44 Medical expenses 5 1 10 2
Savings institutions 2 31 21 16 27 30 20 Business expenses 28 1 18 4
Credit unions 11 13 16 8 11 13 Vacation 6 1 13 1
Other creditors 3 4 7 7 32 29 24 Other 4 1 3 1 1



1 Percentages sum to more than 100 because respondents were allowed to cite multiple uses for a single loan or drawdown and more than one draw for one line of credit.
2 Includes savings banks and savings and loan associations.
3 Includes finance and loan companies, brokerage firms, mortgage companies, and individuals.
4 Includes purchase of furniture or appliance, purchase of boat or other recreational vehicle, payment of taxes, and personal financial investments.

Source: Board of Governors of the Federal Reserve System, Federal Reserve Bulletin, July 1994 and April 1998.

http://www.federalreserve.gov/rnd.htm



https://allcountries.org/uscensus/813_home_equity_lending_percentage_of_homeowners.html

These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.

Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved.