In this paper we examine whether house price changes drive mortgage-based equity extraction. To do this we use … information about mortgage borrowing as well as savings in various financial instruments. We find a marginal propensity to extract … actively taken out a new mortgage. These results point to the existence of a housing wealth effect that is intimately connected …

, since most housing is not simply financed out of current cash holdings but by mortgages, the institutions on mortgage … population) as well in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the mid …

, since most housing is not simply financed out of current cash holdings but by mortgages, the institutions on mortgage … population) as well as in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the …