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House prices, home equity, and personal debt composition
Li, Jieying; Zhang, Xin - 2017
Using a monthly panel dataset of individuals' debt composition including mortgage and nonmortgage consumer credit, we … homeowners reoptimize their debt structure by using withdrawn home equity to pay down comparatively expensive short-term non-mortgage …
Persistent link: https://www.econbiz.de/10011747818
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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/10011523769
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The Impact of House Prices on Household Debt When Controlling for Home Ownership
Jacobsen, Dag Henning - 2011
We analyze the effect of house price changes on debt secured on dwellings in Norway. To this end, we use both macro time series and micro panel data. With the intention of being both a cross-check and motivation for the micro analysis, we estimate a structural vector auto regression using macro...
Persistent link: https://www.econbiz.de/10013119811
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Was the expansion of housing credit in Japan good or bad?
Horioka, Charles; Niimi, Yoko - 2020
This paper shows, using data from the Family Income and Expenditure Survey, that housing credit has become increasingly available over time in Japan, especially since 2000, and that this has made it easier for Japanese households to purchase housing and enabled them to do so at an earlier age....
Persistent link: https://www.econbiz.de/10012195362
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Non-Primary Home Buyers, Shadow Banking, and the US Housing Market
Alter, Adrian; Dernaoui, Zaki - 2021
This paper studies the US housing market using a proprietary and comprehensive dataset covering nearly 90 million residential transactions over 1998-2018. First, we document the evolution of different types of investment purchases such as those conducted by short-term buyers, out-of-state...
Persistent link: https://www.econbiz.de/10013315117
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Mortgage supply and the US housing boom : the role of the community reinvestment act
Saadi, Vahid - 2016
points increase in annual growth rate of mortgage lending by CRA-regulated banks to CRA-eligible census tracts relative to a … the CRA, however, do not show any change in their mortgage supply between these two types of census tracts after 1998. I … take advantage of this exogenous shift in mortgage supply within an instrumental variable framework to identify the causal …
Persistent link: https://www.econbiz.de/10011570577
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Housing Equity Dynamics and Home Improvements
Bian, Xun - 2017
In this study, we examine the effect of housing equity position, measured using the loan-to-value (LTV) ratio, on the probability of home improvements. Using 2001-2011 data from the Panel Study of Income Dynamics (PSID), we find that a higher LTV ratio, in general, reduces the probability of...
Persistent link: https://www.econbiz.de/10012957698
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Home ownership and household portfolio choice
Michielsen, Thomas; Mocking, Remco; Veldhuizen, Sander van - 2016
mortgage amount influence the share of liquid assets held in stocks. We apply different econometric methods to take selection … and endogeneity into account. In our preferred specifications both home equity and the household's amount of mortgage debt …
Persistent link: https://www.econbiz.de/10011415276
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Chapter 12. Housing, Finance, and the Macroeconomy
Davis, Morris A.; Van Nieuwerburgh, Stijn - In: Handbook of regional and urban economics : volume 5, (pp. 753-811). 2015
In this chapter, we review and discuss the large body of research that has developed over the past 10-plus years that explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business cycle, housing and portfolio choice, and housing...
Persistent link: https://www.econbiz.de/10014025303
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Home ownership and home equity promote entrepreneurial activity
Hassink, Wolter H. J.; Millone, Matteo; Mocking, Remco; … - 2021
This paper studies the effects of private real estate collateral on entrepreneurial lending and entrepreneurial activity in the Netherlands. The residential collateral channel is especially relevant for sole-proprietors who own a business with unlimited liability. We used administrative data on...
Persistent link: https://www.econbiz.de/10012485842