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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-endloan extended for a specific period that generally requires repayment ofinterest and principal in equal monthly
installments. Such a loantypically has a fixed interest rate. A "home equity line of credit" isa revolving account that permits borrowing from time to time, at thehomeowner's
discretion, up to the amount of the credit line. It usuallyhas a more flexible repayment schedule and a variable interest rate.Based on the Surveys of Consumers, a sample survey
(2,527 householdsin 1993-94) conducted by the Survey Research Center of the Universityof Michigan]
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1993-94 1
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1997 1
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HOME EQUITY
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TRADITIONAL HOME
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USES FOR
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-
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ITEM
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LINES OF CREDIT
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EQUITY LOANS
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FUNDS
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Home
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Traditional
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Home
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Traditional
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BORROWED
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equity
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home
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equity
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home
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1988
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1993-94
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1997
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1988
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1993-94
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1997
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lines of
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equity
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lines of
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equity
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credit
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loans
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credit
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loans
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Percentage of homeowners
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Home improvement
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64
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38
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69
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45
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with home equity credit
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6
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8
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8
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5
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5
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5
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Repayment of other debts
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45
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68
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49
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61
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Education
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21
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4
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19
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2
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SOURCE OF HOME
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EQUITY CREDIT
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Real estate
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12
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8
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9
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10
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Total
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100
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100
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100
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100
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100
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100
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Auto or truck
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30
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3
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37
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6
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Commercial banks
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54
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60
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61
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33
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29
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44
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Medical expenses
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5
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1
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10
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2
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Savings institutions 2
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31
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21
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16
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27
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30
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20
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Business expenses
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28
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1
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18
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4
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Credit unions
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11
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13
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16
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8
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11
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13
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Vacation
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6
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1
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13
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1
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Other creditors 3
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4
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7
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7
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32
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29
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24
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Other 4
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1
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3
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1
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1
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1 Percentages sum to more than 100 because respondents were allowedto cite multiple uses for a single loan or drawdown and more than onedraw for one line of credit.
2 Includes savings banks and savings and loan associations.
3 Includes finance and loan companies, brokerage firms, mortgagecompanies, and individuals.
4 Includes purchase of furniture or appliance, purchase of boat orother recreational vehicle, payment of taxes, and personal financialinvestments.
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 © 2019 Photius Coutsoukis and Information Technology Associates, all rights reserved.
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