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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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Moral and Social Constraints to Strategic Default on Mortgages
Guiso, Luigi - 2009
We use survey data to study American households' propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …
Persistent link: https://www.econbiz.de/10013158025
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The Role of Proximity in Foreclosure Externalities : Evidence from Condominiums
Fisher, Lynn M. - 2014
We measure the effect of foreclosures on the sale prices of nearby properties using a dataset of condominiums in Boston. A foreclosure in the same association and at the same address depresses the sale price by 2.5 percent, but properties in the same association but located at a different...
Persistent link: https://www.econbiz.de/10013054862
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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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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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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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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/10013072878
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Who Bears the Cost of Recessions? The Role of House Prices and Household Debt
Mian, Atif R. - 2018
This chapter reviews empirical estimates of differential income and consumption growth across individuals during recessions. Most existing studies examine the variation in income and consumption growth across individuals by sorting on ex ante or contemporaneous income or consumption levels. We...
Persistent link: https://www.econbiz.de/10012936117
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House Price Beliefs and Mortgage Leverage Choice
Bailey, Michael - 2017
We study the relationship between homebuyers' beliefs about future house price changes and their mortgage leverage … choices in the U.S. housing market. Our data combine mortgage financing information and a housing market expectations survey …
Persistent link: https://www.econbiz.de/10012941960