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Home price expectations and spending : evidence from a field experiment

Anand Chopra, Felix; Roth, Christopher; Wohlfart, Johannes - 2023

How do households adjust their spending behavior in response to changes in home price expectations? We conduct a field experiment with a sample of Americans that links survey data on home price expectations to actual spending behaviour as measured in a rich home-scanner dataset. In the...

Persistent link: https://www.econbiz.de/10014284713

Housing-consumption channel of mortgage demand

Ahlfeldt, Gabriel M.; Szumilo, Nikodem; Tripathy, Jagdish - 2024

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following … a structural approach to mortgage demand and supply, exploiting exogenous variation in house-price growth and a unique … dataset with matched transaction-price and mortgage information. We estimate an elasticity of mortgage borrowing to house …

Persistent link: https://www.econbiz.de/10014637339

The intergenerational transmission of housing wealth

Daysal, N. Meltem; Lovenheim, Michael F.; Wasser, David N. - 2023

Rising wealth inequality has spurred an increased interest in understanding how and why wealth is correlated across generations. We exploit plausibly exogenous variation in housing wealth driven by home price changes in different areas to isolate the causal impact of parental housing wealth...

Persistent link: https://www.econbiz.de/10014364658

Consumption, wealth, stock and housing returns : evidence from emerging markets

Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2011

In this paper, we show, using the consumer's budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...

Persistent link: https://www.econbiz.de/10009307943

Are stock and housing returns complements or substitutes? : evidence from OECD countries

Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2011

In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...

Persistent link: https://www.econbiz.de/10009355137

The impact of foreclosure on housing prices

Siebert, Ralph - 2015

The aim of the study is to explain if the foreclosure effect on prices is explained by a lower quality of foreclosed houses, which is a crucial aspect in the intelligibility of foreclosures. Based on a novel and comprehensive dataset, we estimate the impact of foreclosure on home prices in...

Persistent link: https://www.econbiz.de/10010477084

Supply restrictions, subprime lending and regional US house prices

Anundsen, André Kallåk; Heebøll, Christian - 2015

, mortgage credit constraints and a price-to-price feedback loop affects house price volatility. Considering 247 Metropolitan …

Persistent link: https://www.econbiz.de/10010488113

Home ownership and household portfolio choice

Michielsen, Thomas; Mocking, Remco; Veldhuizen, Sander van - 2016

mortgage amount influence the share of liquid assets held in stocks. We apply different econometric methods to take selection … and endogeneity into account. In our preferred specifications both home equity and the household's amount of mortgage debt …

Persistent link: https://www.econbiz.de/10011415276

Round-number effects in real estate prices : evidence from Germany

Englmaier, Florian; Roider, Andreas; Schlereth, Lars; … - 2023

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

Persistent link: https://www.econbiz.de/10014426542

Homeownership and entrepreneurship : the role of mortgage debt and commitment

Bracke, Philippe; Hilber, Christian; Silva, Olmo - 2014

We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and … housing tenure where homeowners commit to mortgage payments. Our model predicts that, as long as mortgage rates exceed the … rate of interest on liquid wealth: (i) mortgage debt, by amplifying risk aversion, diminishes the likelihood that …

Persistent link: https://www.econbiz.de/10010425992

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