This article performs an exercise in which we identify the potential impact of key drivers of home ownership rates on home ownership outcomes by 2050. We take no position on whether these key determinants in fact will come about. Rather we perform an exercise in which we test for their impact....

Existing data sources show divergent estimates of the number of homes purchased by first-time homebuyers as a share of all home purchases. In this paper, we use a new data set to construct a time series of the share of first-time homebuyers. This series, based on the Federal Reserve Bank of New...

We examine the factors that determine the likelihood of borrowers using non-traditional mortgages (NTMs) prior to the Great Recession. Borrower choice depends on borrower characteristics such as income, levels of asset holdings, credit score and age and on market factors such as house price...

This paper identifies for the first time the impact of borrowing constraints in the recent decline in homeownership rates. Using data from the Survey of Consumer Finance (SCF), we measure the combined impact of income, wealth and credit constraints on homeownership outcomes over time. It has...

This chapter contrasts the process of urbanization in China and in India. It characterizes the differences in outcomes with regard to the provision of urban infrastructure and the development of informality in each country. The role of local autonomy and governance structures help to explain...

The housing prices and the mortgage debt witnessed faster growth than GDP in the run-up of the Great Recession. I document a mortgage market puzzle during the boom period: (1) the mortgage risk measured by the ex post delinquency increased, but (2) the mortgage spread decreased. The default...

Rental brokers as the matchmakers between tenants and landlords contribute 80% of the rental listings in certain markets, but how they smooth the search friction and transmit policy impacts is not well understood. This paper is the first to use a listing-agent matched data set from an online...