Real Estate Journal - "Home Equity Down, While Household Net Worth Is Up" (12-11-06)

"Homeowners had $10.9 trillion in equity stored up in their properties at the end of the third quarter, an amount that was essentially flat compared with the previous quarter and down from a nearly 3% rate of growth during the same period last year, the Fed said. Home equity -- the difference between a home's value and the amount owed on its mortgage -- fell to 53.6% of the value of household real estate, down from 54% in the second quarter and 54.6% a year ago."