with search in the housing market and defaultable long-term mortgages. In equilibrium, both sellers' asking prices and time …-to-sell increase with the relative size of their outstanding mortgages. In turn, the liquidity of the housing market associated with …

the importance of familial wealth for household wealth accumulation and housing wealth in particular. A back …-of-the-envelope calculation suggests that dynastic home equity increases housing wealth inequality among young adults by 20%. …

, with mortgages falling from up to 90 percent in the 19 th century to below 5 percent today in favor of fixed …