We find that housing return volatility is negatively correlated with income at the zip-code level. We rationalize this finding with a model featuring a collateral constraint that translates income volatility to housing return volatility. Collateral constraints are tighter for lower-income areas,...

This study empirically demonstrates the impact of wealth shocks from initial public offerings (IPOs) on local house prices by distinguishing from changes in the uncertainty and availability of wealth. Applying spatial event study methods to IPOs in California from 1993 to 2017, we find increases...

Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy relaxed housing equity constraints by extending...

We study the growth of “iBuyers,” real estate companies with online acquisition platforms that buy and sell residential real estate, to provide novel evidence on the effects and challenges of making housing markets more liquid. iBuyers act as liquidity providers, buying low and selling high,...

We study the frictions in dealer-intermediation in residential real estate through the lens of "iBuyers," technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They...

Using proprietary loan-level data, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinancing Program (HARP). The policy relaxed housing equity constraints by extending government credit guarantee on...