Typically, these surveys indicate that households allocate so-called cash-outs - that is, the amount by which a refinanced mortgage exceeds the pre-refinanced outstanding debt - to repayment of nonmortgage debt, acquisition of financial assets, outlays for home improvement, and personal consumption expenditures in roughly equal proportions.
There is considerable regional variation, and it is likely to be a bumpy ride. The emerging and developing economies show the strongest growth. Countries like China, India and Brazil are now less affected by the economic crisis, while growth is more subdued in the old OECD countries, especially Europe.