Some interesting statistics that just underscore the culture of consumption, excess and debt that we currently live in:
2000 - Americans too $26 billion in equity out of their homes
2004 - Equity withdrawn rose to $139 billion
2005 - Equity withdrawn rose to $450 billion
2006 - Equity withdrawn rose to $620 billion
Roughly 42% of the equity withdrawn went towards consumer spending or paying off credit card/consumer debt! Food for though...
Deanna Koffler, Nine36 Financial (936 Financial)
Tuesday, May 26, 2009
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