Last time the Interest Rates were at this Historic Low was in the mid 
  sixties. These low rates most likely created this bubble. 
 
     Forty years later, the very same low interest rates have put this 
   expansion in an over drive, creating the blow-off top of this gigantic
   bubble.
 
     Home Equity has fallen from 84% in 1945 to 56.2% in 2004.

     As it turns out, cashing out home equity has been a favorite for a lot
   longer. 

     Probably not at the same volumes it has been happening in the last five   
   years though.

 Year 
 Equity 
 Mortgage 


Billions
Percent
Billions
Percent


1945
97.5
84.0
18.6
16.0

1946
110.5
82.8
23.0
17.2

1947
130.8
82.3
28.1
17.7

1948
146.9
81.6
33.1
18.4

1949
159.5
81.0
37.4
19.0


1950
177.5
79.8
45.0
20.2

1951
197.7
79.4
51.4
20.6


1952
214.6
78.7
58.2
21.3


1953
227.4
77.6
65.7
22.4


1954
240.3
76.2
75.0
23.8



1955
257.1
74.6
87.5
25.4


1956
273.1
73.5
98.3
26.6


1957
287.4
72.9
107.0
27.1


1958
299.1
71.9
116.8
28.1


1959
311.5
70.6
129.6
29.4



1960
323.6
69.7
140.8
30.3


1961
335.3
68.6
153.3
31.4


1962
343.3
67.2
167.5
32.8


1963
347.2
65.4
184.1
34.6


1964
355.6
63.8
201.4
36.2


1965
363.7
62.5
 
218.6
37.5
 

1966
392.6
62.9
231.9
37.1

1967
415.1
62.9
245.1
37.1

1968
478.6
64.6
262.2
35.4

1969
526.0
65.4
278.3
34.6

  
     

 Year 
 Equity 
 Mortgage 


Billions
Percent
Billions
Percent

                   



1970
558.9
66.1
286.7
33.9

1971
615.3
66.5
310.5
33.5

1972
719.3
67.6
345.4
32.4

1973
828.8
68.3
385.1
31.7

1974
797.3
65.4
422.0
34.6



1975
908.1
66.3
461.0
33.7

1976
1022.9
66.4
518.7
33.6

1977
1227.4
67.0
604.6
33.0

1978
1439.0
66.9
710.5
33.1

1979
1706.5
67.3
827.6
32.7



1980
1939.6
67.6
927.6
32.4

1981
2214.9
68.9
999.0
31.1

1982
2335.2
69.4
1032.0
30.6

1983
2404.5
68.3
1117.6
31.7

1984
2783.3
69.1
1244.0
30.9


1985
3129.7
68.4
1444.3
31.6

1986
3358.9
67.2
1642.1
32.8

1987
3679.9
66.9
1821.2
33.1

1988
3930.0
65.8
2046.2
34.2

1989
4204.0
64.9
2269.9
35.1



1990
4076.0
62.0
2500.0
38.0

1991
4130.4
60.7
2679.2
39.3

1992
4269.1
59.9
2853.0
40.1

1993
4345.2
59.1
3012.6
40.8

1994
4341.7
57.7
3181.5
42.3

 


 Year 
 Equity 
 Mortgage 


Billions
Percent
Billions
Percent



1995
4651.3
58.2
3338.8
41.8

1996
4771.7
57.3
3548.9
42.7

1997
5007.5
57.0
3772.3
43.0

1998
5469.1
57.3
4076.5
42.7

1999
5944.9
57.2
4450.7
42.8



2000
6583.9
57.7
4817.3
42.3

2001
7209.7
57.7
5281.8
42.3

2002
7762.5
56.7
5917.3
43.3

2003
8426.5
55.9
6658.3
44.1

2004
9691.6
56.2
7551.7
43.8


2005
10519.6
54.3
8883.2
45.7


2006
10945.2
53.0
9675.7
47.0

2007
-
-
-
-

2008
-
-
-
-

2009
-
-
-
-

2010
-
-
-
-

2011
-
-
-
-

2012
-
-
-
-

2013
-
-
-
-

2014
-
-
-
-

2015
-
-
-
-

2016
-
-
-
-

2017
-
-
-
-

2018
-
-
-
-

2019
-
-
-
-