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How Do Foreclosures Exacerbate Housing Downturns?
Guren, Adam M. - 2019
This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyze foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales...
Persistent link: https://www.econbiz.de/10012480160
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Housing Wealth Effects : The Long View
Guren, Adam M. - 2018
We provide new, time-varying estimates of the housing wealth effect back to the 1980s. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house prices. Our main findings are that: 1) Large housing wealth effects are not new: we estimate...
Persistent link: https://www.econbiz.de/10012452991
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Betting the House
Jordà, Òscar - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10012457895
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2009
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10012463368
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The Political Economy of the U.S. Mortgage Default Crisis
Mian, Atif - 2008
during the crisis. Representatives from districts experiencing an increase in mortgage default rates are significantly more … likely to vote in favor of the AHRFPA. They are precise in responding only to mortgage related constituent defaults, and are …
Persistent link: https://www.econbiz.de/10012464179
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The Effects of the Saving and Banking Glut on the U.S. Economy
Justiniano, Alejandro - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10012459026
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The Consequences of Mortgage Credit Expansion : Evidence from the 2007 Mortgage Default Crisis
Mian, Atif - 2008
of recent U.S. house price appreciation and subsequent mortgage defaults. We identify the effect of shifts in the supply … of mortgage credit by exploiting within-county variation across zip codes that differed in latent demand for mortgages in … which we refer to as "disintermediation." The increase in disintermediation-driven mortgage supply to high latent demand zip …
Persistent link: https://www.econbiz.de/10012464712
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The Housing Boom and Bust : Model Meets Evidence
Kaplan, Greg - 2017
We build a model of the U.S. economy with multiple aggregate shocks (income, housing finance conditions, and beliefs about future housing demand) that generate fluctuations in equilibrium house prices. Through a series of counterfactual experiments, we study the housing boom and bust around the...
Persistent link: https://www.econbiz.de/10012454988
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Demystifying the Chinese Housing Boom
Fang, Hanming - 2015
within the same housing developments. By using these indices and detailed information on mortgage borrowers across these … household income, except in a few first-tier cities. While bottom-income mortgage borrowers endured severe financial burdens by … mortgage loans were protected by down payments commonly in excess of 35 percent. As such, the housing market is unlikely to …
Persistent link: https://www.econbiz.de/10012457554
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Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
Chen, Hui - 2013
leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …
Persistent link: https://www.econbiz.de/10012459239