The data is published weekly & monthly by the Fed. It has been posted often in the "Credit Bubble Bulletin" threads. But here is the same point made by Alan Greenspan:
From the Federal Reserve Board website:
... Previous Federal Reserve surveys of the disposition of cash-outs indicate that a substantial amount--perhaps half--was used to finance home modernization and personal consumption expenditures, outlays that directly affect GDP and jobs, and that likely was the case again last year.[...snip...] It is likely, however, that home sellers, after setting aside a down payment for the family's next home, expended a considerable part of their home equity extraction on goods and services.[...snip...] Refinance and home purchase originations, seasonally adjusted, peaked in the fourth quarter of last year. It is difficult to imagine that pace being maintained in the current quarter.[...snip...] In summary, the frenetic pace of home equity extraction last year is likely to appreciably simmer down in 2003, possibly notably lessening support to household purchases of goods and services....[...snip...] Home equity extraction directly finances household purchases of goods and services by liquefying previously illiquid assets. It also indirectly finances such purchases by facilitating outlays financed by credit card and other nonmortgage consumer debt. Equity extraction has been a major source of repayment of such debt.
Home equity extraction (re-fi's), at record levels, at a pace "difficult to imagine" even "frenetic" at the end of last year, mostly spent on goods and services, and this year (2003) is still setting records.
And...
Fortunately, a vibrant housing market lifted construction activity and, by facilitating home equity extraction, provided extra support to consumer spending.And re-fi's still supporting consumer consumer spending 8 months later.