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A New Look at the U.S. Foreclosure Crisis : Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012
Ferreira, Fernando - 2015
reinterpretation of the U.S. foreclosure crisis as more of a prime, rather than a subprime, borrower issue. Moreover, traditional … mortgage default factors associated with the economic cycle, such as negative equity, completely account for the foreclosure …
Persistent link: https://www.econbiz.de/10012457406
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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
legislation in U.S. economic history: the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Emergency …
Persistent link: https://www.econbiz.de/10012464179
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The Impact of Foreclosure Delay on U.S. Employment
Herkenhoff, Kyle F. - 2015
This paper documents that the time required to initiate and complete a home foreclosure rose from about 9 months on … changes as foreclosure delay. We also document that many borrowers who are in foreclosure ultimately exit foreclosure and keep … their homes by making up for missed mortgage payments. We analyze the impact of foreclosure delay on the U.S. labor market …
Persistent link: https://www.econbiz.de/10012457137
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Flattening the Curve : Pandemic-Induced Revaluation of Urban Real Estate
Gupta, Arpit; Mittal, Vrinda; Peeters, Jonas; … - National Bureau of Economic Research - 2021
We show that the COVID-19 pandemic brought house price and rent declines in city centers, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas. Across MSAs, the flattening of the bid-rent curve is larger when working from home...
Persistent link: https://www.econbiz.de/10012510553
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The Impact of Local Residential Land Use Restrictions on Land Values Across and Within Single Family Housing Markets
Gyourko, Joseph E.; Krimmel, Jacob - National Bureau of Economic Research - 2021
We provide estimates of the impact of restrictive residential land use environments on the price of land across major American housing markets. Using micro data on vacant land purchased to develop single family housing, we implement a new empirical strategy for estimating so-called 'zoning...
Persistent link: https://www.econbiz.de/10012599283
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The Local Residential Land Use Regulatory Environment Across U.S. Housing Markets : Evidence from a New Wharton Index
Gyourko, Joseph - 2019
We report results from a new survey of local residential land use regulatory regimes for over 2,450 primarily suburban communities across the U.S. The most highly regulated markets are on the two coasts, with the San Francisco and New York City metropolitan areas being the most highly regulated...
Persistent link: https://www.econbiz.de/10012480517
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Liquidity Constraints in the U.S. Housing Market
Gorea, Denis - 2017
We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents have the option to extract home equity by refinancing their long-term mortgages. The model implies that three quarters...
Persistent link: https://www.econbiz.de/10012455336
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Housing Speculation, GSEs, and Credit Market Spillovers
Amornsiripanitch, Natee; Strahan, Philip E.; Zhang, Song; … - National Bureau of Economic Research - 2024
In 2021, the U.S. Treasury reduced Government Sponsored Enterprises (GSEs) exposure to speculative mortgages. As a result, GSE purchases fell by about 20 percentage points. The policy reduced credit to speculative investors in housing, but increased credit to unaffected parts of the...
Persistent link: https://www.econbiz.de/10014512063
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The Price of Housing in the United States, 1890-2006
Lyons, Ronan C.; Shertzer, Allison; Gray, Rowena; … - National Bureau of Economic Research - 2024
We construct the first consistent market rent and home sales price series for American cities across the 20th century using millions of newspaper real estate listings. Our findings revise several stylized facts about U.S. housing markets. Real market rents did not fall during the 20th century...
Persistent link: https://www.econbiz.de/10014576622