generates a new speculative motive for homeownership. In particular, we show how good and bad housing market cycles affect … homeownership rates, leverage, stock investments and consumption and can explain empirically observed household behavior during …

This paper documents a number of key facts about the evolution of mortgage debt, homeownership, debt burden and … over the boom period. While homeownership rates increased for the middle and upper income households, there was no increase … in homeownership for the lowest income groups. Finally, default rates post-crisis went up predominantly in areas with …

joint location and tenure mode decisions. To investigate the effect of homeownership on equilibrium prices and allocations … three results. First, homeownership enables more households to remain in the more desirable location at the expense of … newcomers. Second, homeownership adds to the volatility of the housing market. Third, homeownership may amplify the dispersion …