is derived, and tables of break-even policy premia are shown, based on estimated models of Los Angeles housing prices …

fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …The housing boom that preceded the Great Recession was due to an increase in credit supply driven by looser lending … constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …

This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new …, regions with historically high DTI ratios exhibited greater reductions in mortgage originations, house prices, and consumption …

anticipations show up instantaneously in long-term mortgage rates. Although mortgage rates respond well before the Fed actually …-sectional heterogeneity in search times. This framework offers a description of the lags in the effects of monetary policy that is both more …

housing boom accelerated, fueled by rapid growth in mortgage lending. There is deep disagreement about how, or even if …, monetary policy impacted the boom. Using heterogeneity in banks' exposures to the deposits channel of monetary policy, we show …-prone, which made the mortgage market fragile. Consistent with our theory, the re-emergence of privately-securitized mortgages has …

This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing …

-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …Between 1996 and 2006, real housing prices rose by 53 percent according to the Federal Housing Finance Agency price … rates, mobility, prepayment, elastic housing supply, and credit-constrained home buyers. The modest predicted impact of …

In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions …