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How Do Foreclosures Exacerbate Housing Downturns?
Guren, Adam M. - 2019
This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyze foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales...
Persistent link: https://www.econbiz.de/10012480160
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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 … payments. The welfare benefits are quantitatively substantial: ARMs improve household welfare relative to FRMs by the …
Persistent link: https://www.econbiz.de/10012453268
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The Housing Market(s) of San Diego
Landvoigt, Tim - 2012
main result is that cheaper credit for poor households was a major driver of prices, especially at the low end of the …
Persistent link: https://www.econbiz.de/10012460934
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2009
.S. household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Employing land topology-based housing … home improvement). Home equity-based borrowing is stronger for younger households, households with low credit scores, and … households with high initial credit card utilization rates. Homeowners in high house price appreciation areas experience a …
Persistent link: https://www.econbiz.de/10012463368
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Housing Market Expectations
Kuchler, Theresa; Piazzesi, Monika; Stroebel, Johannes - National Bureau of Economic Research - 2022
purchasing and mortgage financing decisions. Finally, we highlight research on how expectations affect aggregate outcomes in the …
Persistent link: https://www.econbiz.de/10013191003
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Speculators and Middlemen : The Strategy and Performance of Investors in the Housing Market
Bayer, Patrick - 2011
Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10012461873
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Evaluating Conditions in Major Chinese Housing Markets
Wu, Jing - 2010
High and rising prices in Chinese housing markets have attracted global attention, as well as the interest of the Chinese government and its regulators. Housing markets look very risky based on the stylized facts we document. Price-to-rent ratios in Beijing and seven other large markets across...
Persistent link: https://www.econbiz.de/10012462467
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The Effect of Housing on Portfolio Choice
Chetty, Raj - 2010
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/10012462655
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The Housing Cycle and Prospects for Technical Progress
Mulligan, Casey B. - 2010
mortgage and real estate industries have the potential to both move housing prices and non-residential consumption in the same …
Persistent link: https://www.econbiz.de/10012462681
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Housing Supply and Housing Bubbles
Glaeser, Edward L. - 2008
Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more...
Persistent link: https://www.econbiz.de/10012464454