The U.S. mortgage market has experienced phenomenal change over the last 35 years. Most observers believe that the … for assessing the impact of changes in the mortgage market on individuals and households. Our analysis is based on an … of the relationship between housing spending and future income as a measure of the imperfectnessʺ of mortgage markets …

relate it to cross-country differences in mortgage market maturity. We find that aside from Italy, homeownership rates and … inequality in the four countries correspond to their mortgage take up rates and its distribution across income, reflecting the … different degree of development of their respective mortgage markets. In Italy, alternative ways of financing, such as family …