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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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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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Dynamics of Housing Debt in the Recent Boom and Great Recession
Adelino, Manuel - 2017
This paper documents a number of key facts about the evolution of mortgage debt, homeownership, debt burden and … subsequent delinquency during the recent housing boom and Great Recession. We show that the mortgage expansion was shared across … mortgage expansion was especially pronounced in areas with increased house prices, and the speed at which houses turned over …
Persistent link: https://www.econbiz.de/10012954467
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The Effect of Housing on Portfolio Choice
Chetty, Raj - 2015
divergence between the theory and data. First, it is critical to distinguish between home equity wealth and mortgage debt, as … mortgage debt that is orthogonal to unobserved determinants of portfolios. We estimate a model that permits home equity and … mortgage debt to have different effects on portfolio shares. We isolate plausibly exogenous variation in home equity and …
Persistent link: https://www.econbiz.de/10013038822
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Arbitrage in Housing Markets
Glaeser, Edward L. - 2015
Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction...
Persistent link: https://www.econbiz.de/10012750289
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Liquidity Constraints and Housing Prices : Theory and Evidence from the Va Mortgage
Vigdor, Jacob L. - 2010
mortgage credit in the postwar era, supports the model. The results suggest that more recent mortgage market innovations have …
Persistent link: https://www.econbiz.de/10012762617
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Home Equity Insurance
Shiller, Robert J. - 2010
Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...
Persistent link: https://www.econbiz.de/10012763566
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The Housing Market(S) of San Diego
Landvoigt, Tim - 2012
This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by...
Persistent link: https://www.econbiz.de/10013112837
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Mortgage Design in an Equilibrium Model of the Housing Market
Guren, Adam M. - 2018
mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … reductions over the life of the mortgage. Front-loading alleviates household liquidity constraints in states where they are most …
Persistent link: https://www.econbiz.de/10012923712