We study the house price recovery in the U.S. single-family residential housing market since the outbreak of the mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using comprehensive property-level transaction data, we show...

"Underwater is a fresh perspective on the financial crisis that shows how it is still reverberating more than a decade later, casting doubt on the notion that homeownership is crucial to the American dream and inspiring a massive bet by the country's richest real-estate investors that it's not....

Ten years after the mortgage crisis, the U.S. housing market has rebounded significantly with house prices now near the peak achieved during the boom. Homeownership rates, on the other hand, have continued to decline. We reconcile the two phenomena by documenting the rising presence of...