We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the wealth distribution, the age profiles of homeownership and mortgage debt, and the frequency of housing adjustment. In the time-series, the model matches the procyclicality and...

Since Feb. 13, 2010, detailed information on every home mortgage default and foreclosure in New York State must be filed with the New York State Dept. of Financial Services (DFS). The data comes from pre-foreclosure filing (PFF) notices that mortgage servicers must send to both the borrower and...