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How Do Foreclosures Exacerbate Housing Downturns?

Guren, Adam M. - 2019

This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyze foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales...

Persistent link: https://www.econbiz.de/10012480160

Mortgage Design in an Equilibrium Model of the Housing Market

Guren, Adam M. - 2018

mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … concentrate them in recessions outperform designs that spread payment reductions over the life of the mortgage. Front …

Persistent link: https://www.econbiz.de/10012453268

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

Mian, Atif R. - 2009

Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...

Persistent link: https://www.econbiz.de/10012463368

The Housing Market(s) of San Diego

Landvoigt, Tim - 2012

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by...

Persistent link: https://www.econbiz.de/10012460934

Why is Intermediating Houses so Difficult? Evidence from iBuyers

Buchak, Greg - 2020

We study the frictions in dealer-intermediation in residential real estate through the lens of "iBuyers," technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They...

Persistent link: https://www.econbiz.de/10012482470

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium

Favilukis, Jack - 2010

This paper studies a quantitative general equilibriummodel of the housing market where a large number of overlapping generations of homeowners face both idiosyncratic and aggregate risks but have limited opportunities to insure against these risks due to incomplete financial markets and...

Persistent link: https://www.econbiz.de/10012462665

Home Ownership and Real House Prices : Sources of Change, 1965-85

Hendershott, Patric H. - 1987

Two phenomena characterized the housing market in the 1970s: a somewhat-disguised surge toward home ownership and a well-publicized sharp increase in the real price of housing. These movements were partially reversed in the first half of the 1980s. In the "standard view", the 1970s changes are...

Persistent link: https://www.econbiz.de/10012476823

Betting the House

Jordà, Òscar - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10012457895

Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty

Chen, Hui - 2013

leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …

Persistent link: https://www.econbiz.de/10012459239

Heterogeneous Real Estate Agents and the Housing Cycle

Gilbukh, Sophia; Goldsmith-Pinkham, Paul - National Bureau of Economic Research - 2023

The real estate market is highly intermediated, with 90 percent of buyers and sellers hiring an agent to help them transact a house. However, low barriers to entry and fixed commission rates result in a market where inexperienced intermediaries have a large market share, especially following...

Persistent link: https://www.econbiz.de/10014372440

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