                                                Table 7
                                          Deleveraging Progress


                                  Based on 2009 data  Based on 2011 data

  Benchmark is 2003 leverage:
    Share with lev-benchmark > 0          0.194               0.217
    Share with lev-benchmark > .1         0.134               0.159
    Share with lev-benchmark > .2         0.095               0.111
    Share with lev-benchmark > .3         0.064               0.086
    Share with lev-benchmark > .4         0.048               0.059
    Share with lev-benchmark > .5         0.032               0.044

  Benchmark is 2005 leverage:
    Share with lev-benchmark > 0          0.219               0.237
    Share with lev-benchmark > .1         0.138               0.169
    Share with lev-benchmark > .2         0.096               0.116
    Share with lev-benchmark > .3         0.069               0.089
    Share with lev-benchmark > .4         0.050               0.065
    Share with lev-benchmark > .5         0.038               0.048

  Benchmark is 2007 leverage:
    Share with lev-benchmark > 0          0.244               0.253
    Share with lev-benchmark > .1         0.145               0.175
    Share with lev-benchmark > .2         0.088               0.124
    Share with lev-benchmark > .3         0.059               0.087
    Share with lev-benchmark > .4         0.043               0.062
    Share with lev-benchmark > .5         0.033               0.048

Note.  Sample includes all households for which comparison can be done. 
For new homeowners, the benchmark is .9. Leverage = mortgage leverage.
