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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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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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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 … concentrate them in recessions outperform designs that spread payment reductions over the life of the mortgage. Front …
Persistent link: https://www.econbiz.de/10012453268
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Why is Intermediating Houses so Difficult? Evidence from iBuyers
Buchak, Greg - 2020
We study the frictions in dealer-intermediation in residential real estate through the lens of "iBuyers," technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They...
Persistent link: https://www.econbiz.de/10012482470
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The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium
Favilukis, Jack - 2010
This paper studies a quantitative general equilibriummodel of the housing market where a large number of overlapping generations of homeowners face both idiosyncratic and aggregate risks but have limited opportunities to insure against these risks due to incomplete financial markets and...
Persistent link: https://www.econbiz.de/10012462665
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Betting the House
Jordà, Òscar - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10012457895
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Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
Chen, Hui - 2013
leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …
Persistent link: https://www.econbiz.de/10012459239
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Can Cheap Credit Explain the Housing Boom?
Glaeser, Edward L. - 2010
-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …
Persistent link: https://www.econbiz.de/10012462425
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Mortgage Default, Foreclosure, and Bankruptcy
Li, Wenli - 2009
In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions …
Persistent link: https://www.econbiz.de/10012463177
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The Consequences of Mortgage Credit Expansion : Evidence from the 2007 Mortgage Default Crisis
Mian, Atif - 2008
of recent U.S. house price appreciation and subsequent mortgage defaults. We identify the effect of shifts in the supply … of mortgage credit by exploiting within-county variation across zip codes that differed in latent demand for mortgages in … which we refer to as "disintermediation." The increase in disintermediation-driven mortgage supply to high latent demand zip …
Persistent link: https://www.econbiz.de/10012464712