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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

Mian, Atif R. - 2010

Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the rise in U.S. household leverage from 2002 to 2006 and the increase in defaults...

Persistent link: https://www.econbiz.de/10013152833

Seniors’ Home Equity Extraction : Credit Constraints and Borrowing Channels

Moulton, Stephanie - 2019

Households borrow against home equity through different types of mortgages: closed end home equity loans or revolving lines of credit, cash-out refinancing, and—for senior homeowners—reverse mortgages. The objective of this study is to identify how borrowing constraints and the lending...

Persistent link: https://www.econbiz.de/10012903634

Identifying the Benefits from Home Ownership : A Swedish Experiment

Sodini, Paolo - 2017

Home ownership is widely stimulated by policy yet its effects are poorly understood. Exploiting privatization decisions of municipally-owned apartment buildings, we obtain random variation in home ownership for otherwise similar buildings with similar tenants. Granular data on demographics,...

Persistent link: https://www.econbiz.de/10012969184

Housing habits and their implications for life-cycle consumption and investment

Kraft, Holger; Munk, Claus; Wagner, Sebastian - 2015

We set up and solve a rich life-cycle model of household decisions involving consumption of both perishable goods and housing services, stochastic and unspanned labor income, stochastic house prices, home renting and owning, stock investments, and portfolio constraints. The model features habit...

Persistent link: https://www.econbiz.de/10010482078

Do households use home-ownership to insure themselves? : evidence across U.S. cities

Amior, Michael; Halket, Jonathan - In: Quantitative economics : QE ; journal of the … 5 (2014) 3, pp. 631-674

Are households more likely to be homeowners when “housing risk” is higher? We show that home-ownership rates and loan … disentangle the contributions of high price levels from high volatilities by building a life-cycle model of home-ownership choices …. We find that higher price levels can explain most of the lower home-ownership. Higher risk in the model leads to slightly …

Persistent link: https://www.econbiz.de/10011757320

Borrowing constraints, own labour and homeownership : does it pay to paint your walls?

Lindner, Peter; Mathä, Thomas; Pulina, Giuseppe; … - 2020

Using a dedicated set of questions in the 2014 Luxembourg Household Finance and Consumption Survey (LU-HFCS), we show that a substantial share of households contributes their own labour to the acquisition of their main residence. These contributions help households faced with credit constraints,...

Persistent link: https://www.econbiz.de/10012299081

Echoes of rising tuition in students' borrowing, educational attainment, and homeownership in post-recession America

Bleemer, Zachary; Brown, Meta; Lee, Donghoon; Strair, … - 2017

-percentage-point decline in homeownership for 28-to-30-year-olds over 2007-15 for these same nine cohorts. The results suggest that states that …

Persistent link: https://www.econbiz.de/10011689437

Household debt and aging in Japan

Horioka, Charles; Niimi, Yoko - 2019

In this paper, we analyze the borrowing behavior of Japanese households in comparison to the other Group of Seven (G7) countries and also broken down by the age group of the household head. We find that pre-retirement households (households with a head in the 50-59 age group) in Japan do not...

Persistent link: https://www.econbiz.de/10012121910

House prices and home ownership : a cohort analysis

Bottazzi, Renata; Crossley, Thomas F.; Wakefield, Matthew - 2011

England has very volatile house prices. We use pseudo-panel data spanning multiple house-price cycles over nearly forty years, to assess the extent to which house prices affect access to home ownership by age thirty, and whether differences in ownership rates persist. We find that ownership...

Persistent link: https://www.econbiz.de/10011734502

Measuring expectations from household survey : new results on subjective probabilities of future house prices

Bover, Olympia - In: SERIEs : Journal of the Spanish Economic Association 6 (2015) 4, pp. 361-405

I analyze new data on subjective probabilistic expectations on house prices collected in the Spanish Survey of Household Finances. Households are asked to distribute ten points among five different scenarios for the change in the price of their homes over the next 12 months. This paper is the...

Persistent link: https://www.econbiz.de/10011417887

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