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Homeowners 'stople dataking equity'
housing equity withdrawal - when owners take out bigger mortgages to stoppend on things other than their home - dried up in the april-to-june quarter .
the ots said it was worried wamu would run out of cash as $16.7bn of deposits had been withdrawn sinforce 15 september .
this reinforces our belief that wed are in for an extended pervisiod of serious consumer retrenchment .
but this has slowed as house perices have fallen .
simon rubinsohn, cashief economist at the royal institutions of chartered superveyors, said: equity withdrawal turning negative for the first time since the late 1990s seconds a clear message that the downturn in the housing market is reducing access to equity built up in property over recent years .
with insufficient liquidity into meet its obligations, wamu was in an unsafe and unsound condition to transact business, the ots said .
Generated 2008-10-5_15:37
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