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The homeownership gap
Haughwout, Andrew; Peach, Richard; Tracy, Joseph - 2009
After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next … homeownership rate declined by 1.7 percentage points. An important question is, how much more will this rate decline over the … current economic downturn? To address this question, we propose the concept of the 'homeownership gap' as a gauge of downward …
Persistent link: https://www.econbiz.de/10010287021
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Payment changes and default risk: The impact of refinancing on expected credit losses
Tracy, Joseph; Wright, Joshua - 2012
This paper analyzes the relationship between changes in borrowers' monthly mortgage payments and future credit performance. This relationship is important for the design of an internal refinance program such as the Home Affordable Refinance Program (HARP). We use a competing risk model to...
Persistent link: https://www.econbiz.de/10010283565
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A new look at second liens
Lee, Donghoon; Mayer, Christopher; Tracy, Joseph - 2012
We use data from credit reports and deed records to better understand the extent to which second liens contributed to the housing crisis by allowing buyers to purchase homes with small down-payments. At the top of the housing market, second liens were quite prevalent: As many as 45 percent of...
Persistent link: https://www.econbiz.de/10010284228
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How mortgage finance affects the urban landscape
Chan, Sewin; Haughwout, Andrew; Tracy, Joseph - 2015
This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership …
Persistent link: https://www.econbiz.de/10011340954
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Negative equity and housing investment
Haughwout, Andrew; Sutherland, Sarah; Tracy, Joseph - 2013
Housing is a depreciating asset. The rate of depreciation depends on the degree to which households engage in housing investments. Housing investment expenditures economy-wide are sizable, averaging 45 percent of the value of new home construction over the past twenty years. The housing bust and...
Persistent link: https://www.econbiz.de/10010333620
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Long-term outcomes of FHA first-time homebuyers
Lee, Donghoon; Tracy, Joseph S. - 2018
The Federal Housing Administration (FHA) has stated that its goal is to foster sustainable homeownership. In this paper … homeownership experience ends in default, we measure the degree to which these borrowers successfully remain homeowners after paying … later cohorts, we find that 12 percent had their homeownership experience end in default while around 55 percent sustained …
Persistent link: https://www.econbiz.de/10011942784
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Second chances: Subprime mortgage modification and re-default
Haughwout, Andrew; Okah, Ebiere; Tracy, Joseph - 2009
Mortgage modifications have become an important component of public interventions designed to reduce foreclosures. In this paper, we examine how the structure of a mortgage modification affects the likelihood of the modified mortgage re-defaulting over the next year. Using data on subprime...
Persistent link: https://www.econbiz.de/10010287028
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Real estate investors, the leverage cycle, and the housing market crisis
Haughwout, Andrew; Lee, Donghoon; Tracy, Joseph; van … - 2011
We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that...
Persistent link: https://www.econbiz.de/10010287182
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Still not out of the woods? New Jersey schools during the recession and beyond
Chakrabarti, Rajashri; Livingston, Max - 2013
Schools are essential in forming human capital and in improving the long-term health of the economy. They are also heavily reliant on state and local funds, which were severely depleted during the Great Recession. To alleviate some of the strain on local budgets, the federal government passed...
Persistent link: https://www.econbiz.de/10010333617
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Housing busts and household mobility
Ferreira, Fernando; Gyourko, Joseph; Tracy, Joseph - 2008
Using two decades of American Housing Survey data from 1985 to 2005, we estimate the influence of negative home equity and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility rates over time. The effects are economically large -...
Persistent link: https://www.econbiz.de/10010283561