Home Equity is Not Savings

HoweStreet.com: "While it is true that home equity may be an asset to an individual homeowner, its existence in no way adds to society�s stock of savings. Home equity does not require the homeowner to forgo anything. Nor does it free up any resources to finance capital formation. In fact, the only way a homeowner can tap his equity is by accessing someone else's savings. He either has to sell his house, in which case a buyer uses his own savings (or borrows someone else's) or he refinances, in which case he access someone else's savings himself. Therefore, not only does home equity not represent savings, its existence actually represents a potential claim on society's legitimate supply of savings."
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