The U.S. mortgage before the 1930s would be nearly unrecognizable today: it featured variable interest rates, high down payments and short maturities. The authors compare the form of U.S. home mortgages today with those in other countries. The U.S. mortgage provides many more options to...

Real house prices are directly determined by the willingness of households to pay for (and willingness of builders to supply) a constant-quality house. Changes in the quantity of housing demanded will affect real prices only to the extent that the long-run housing supply schedule is positively...

type="main" <title type="main">ABSTRACT</title> <p>Most research on the art market focuses on the high end, composed of auction houses and a few well-known dealers. In this paper, we use a new database to examine the industry structure and location patterns of the New York art market, which consists largely of small,...</p>

<title>Abstract</title> Stegman et al. show that high‐quality servicing can help keep borrowers who would normally be considered subprime from experiencing foreclosure. This comment discusses the results Stegman et al. present and also explains how loan modification helped alleviate past mortgage...

Housing quality has improved dramatically for most low-income households, but they are paying much larger shares of their income for it. Many discussions of the bottom of the market focus on either the rising costs (the 'bad' news) or the rising quality (the 'good' news). Both points of view...