WITHERING WITHDRAWALS

During the run up to the Housing Bust, home prices surged and the value of revolving home equity loans rose dramatically from $185 billion in 2002 to $603 billion in 2009 as households tapped into their home equity and supercharged the economy. Now, despite large home price increases, the value of revolving home equity loans has been stagnant at $250 billion/year since 2021Q3, and thus no assist to household spending.

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