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Real estate investors, the leverage cycle, and the housing market crisis

Haughwout, Andrew; Lee, Donghoon; Tracy, Joseph; … - Federal Reserve Bank of New York - 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/10009320710

The financial crisis at the kitchen table: trends in household debt and credit

Brown, Meta; Haughwout, Andrew; Lee, Donghoon; Klaauw, … - In: Current Issues in Economics and Finance 19 (2013) April

Since the onset of the financial crisis, households have reduced their outstanding debt by about $1.3 trillion. While part of this reduction stemmed from a historic increase in consumer defaults and lender charge-offs, particularly on mortgage debt, other factors were also at play. An analysis...

Persistent link: https://www.econbiz.de/10011026812

The financial crisis at the kitchen table: trends in household debt and credit

Brown, Meta; Haughwout, Andrew; Lee, Donghoon; Klaauw, … - Federal Reserve Bank of New York - 2010

The Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel, created from a sample of U.S. consumer credit reports, is an ongoing panel of quarterly data on individual and household debt. The panel shows a substantial run-up in total consumer indebtedness between the first quarter of 1999...

Persistent link: https://www.econbiz.de/10008784301

Tracking and stress-testing U.S. household leverage

Fuster, Andreas; Guttman-Kenney, Benedict; Haughwout, Andrew - 2016

Borrowers' housing equity is an important component of their wealth and a critical determinant of their vulnerability to shocks. In this paper, we create a unique data set that allows us to provide a comprehensive look at the ratio of housing debt to housing values - what we refer to as...

Persistent link: https://www.econbiz.de/10011538017

The homeownership gap

Haughwout, Andrew; Peach, Richard; Tracy, Joseph - Federal Reserve Bank of New York - 2009

After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home prices fell in many parts of the country and the unemployment rate rose sharply, the homeownership rate declined by 1.7 percentage points. An...

Persistent link: https://www.econbiz.de/10008636198

Subprime mortgage pricing: The impact of race, ethnicity, and gender on the cost of borrowing

Haughwout, Andrew; Mayer, Christopher; Tracy, Joseph - 2009

information on subprime borrowers with information on the mortgages they took out. In a sample of more than 75,000 adjustable …-rate mortgages, we find no evidence of adverse pricing by race, ethnicity, or gender in either the initial rate or the reset margin …, and the data do not indicate whether borrowers might have qualified for less expensive conforming mortgages. …

Persistent link: https://www.econbiz.de/10010283533