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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2010
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/10013151131
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House Prices, Home Equity and Entrepreneurship : Evidence from U.S. Census Micro Data
Kerr, Sari Pekkala - 2015
We use Census micro data to shed new light on how growth in house prices boosts US entrepreneurship. At the height of the 2007 real estate boom, 5% of self-employed individuals and 12% of employer-businesses used home equity to partly or wholly finance a new business. Despite this frequency,...
Persistent link: https://www.econbiz.de/10013017499
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Tiebout Sorting and Neighborhood Stratification
Bayer, Patrick J. - 2011
Tiebout's classic 1956 paper has strong implications regarding stratification across and within jurisdictions, predicting in the simplest instance a hierarchy of internally homogeneous communities ordered by income. Typically, urban areas are less than fully stratified, and the question arises...
Persistent link: https://www.econbiz.de/10013120986
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Is the FHA Creating Sustainable Homeownership?
Caplin, Andrew - 2012
We produce first results on the sustainability of homeownership for recent (2007-2009) FHA-insured borrowers. More than … their graduation to sustainable homeownership by finally paying off all FHA mortgages. We project that the proportion who … completed their graduation to sustainable homeownership. We show that the FHA uses an outmoded econometric model that leads it …
Persistent link: https://www.econbiz.de/10013103886
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Another Look at the Capitalization of Interest Subsidies : Evidence from Sweden
Berger, Tommy - 2008
We analyze by far the most extensive data base yet employed in estimating capitalizationquot; of below-market interest rates into asset prices: nearly 300,000 sales of owner-occupied homes inquot; Sweden from 1981 to 1993 with 40,000 including government subsidized interest rates. Ourquot;...
Persistent link: https://www.econbiz.de/10012774912
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Identifying the Benefits from Home Ownership : A Swedish Experiment
Sodini, Paolo - 2016
This paper studies the economic benefits of home ownership. Exploiting a quasi-experiment surrounding privatization decisions of municipally-owned apartment buildings, we obtain random variation in home ownership for otherwise similar buildings with similar tenants. We link the tenants to their...
Persistent link: https://www.econbiz.de/10012978099
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Did Housing Policies Cause the Postwar Boom in Homeownership?
Chambers, Matthew - 2015
expansion of U.S. homeownership using an equilibrium model of tenure choice. In the model, home buyers have access to a menu of … mortgage choices to finance the acquisition of a house. The government also provides special programs through provisions of the ….S. economy and is capable of accounting for the boom in homeownership in 1960. The decomposition suggests that government …
Persistent link: https://www.econbiz.de/10013035927
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Repairing a Mortgage Crisis : Holc Lending and its Impact on Local Housing Markets
Courtemanche, Charles - 2010
increased 1940 median home values and homeownership rates, but not new home building …
Persistent link: https://www.econbiz.de/10013139741
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How Do Mortgage Subsidies Affect Home Ownership? Evidence from the Mid-Century Gi Bills
Fetter, Daniel - 2011
declining age at first ownership. I shed light on the contribution of coincident government mortgage market interventions by … of the increase for affected cohorts. A rough extrapolation suggests that broader changes in mortgage terms may explain …
Persistent link: https://www.econbiz.de/10013123310
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The Vulnerability of Minority Homeowners in the Housing Boom and Bust
Bayer, Patrick J. - 2013
This paper examines mortgage outcomes for a large, representative sample of individual home purchases and refinances … shocks and raise concerns about homeownership as a mechanism for reducing racial disparities in wealth …
Persistent link: https://www.econbiz.de/10013082419