Are households more likely to be homeowners when “housing risk” is higher? We show that home-ownership rates and loan … disentangle the contributions of high price levels from high volatilities by building a life-cycle model of home-ownership choices …. We find that higher price levels can explain most of the lower home-ownership. Higher risk in the model leads to slightly …

Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary … policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed …

This paper presents new models for aggregate UK data on mortgage possessions (foreclosures) and mortgage arrears … scenarios for forecasts to 2013 reveals the sensitivity of mortgage possessions and arrears to different economic conditions …, highlighting potential risks faced by the UK and its mortgage lenders. A comprehensive review of data on arrears and possessions …

Homeownership is heavily subsidized in many countries mainly through the tax code. The adverse effects of lenient tax … instrumental variables we find no evidence of positive externalities from neighbourhood homeownership rate. This result is robust …

policies such as intergovernmental aid or the mortgage interest deduction …

We study the link between homeownership and entrepreneurship by exploiting the longitudinal dimension of the British … after entering homeownership. The negative link can be rationalized by portfolio considerations: leveraged housing …

This paper examines the impact of the combined U.S. state and federal mortgage interest deduction (MID) on … homeownership attainment, using data from 1984 to 2007 and exploiting variation in the subsidy arising from changes in the MID … on homeownership. We find that the MID boosts homeownership attainment only of higher income households in less tightly …

This paper examines the impact of the combined U.S. state and federal mortgage interest deduction (MID) on … homeownership attainment, using data from 1984 to 2007 and exploiting variation in the subsidy across states, over time and due to … inter-state moves. We test whether capitalization of the MID into house prices offsets the positive effect on homeownership …

(i) homeowners are more likely to invest in social capital than renters and (ii) the positive link between homeownership …