peak achieved during the boom. Homeownership rates, on the other hand, have continued to decline. We reconcile the two … homeownership rates between 2007 and 2014. We further demonstrate that institutional investors contributed to the improvement in the … local labor market by reducing overall unemployment rate and by increasing total employment, construction employment in …

mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using … unemployment rates by increasing local construction employment. However, institutional investors are responsible for most of the … declines in the homeownership rates …

This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households …