The contrast between the labor market and house prices during the pandemic has been stark. In this note, we document a strong positive relationship between forbearance takeup and house price growth at the county level, controlling for the unemployment rate and other factors

We provide evidence that the persistence of the large number of local bank branches across the country may be due to the fact that both depositors and small businesses continue to value local bank branches

In this note, we first discuss why markets for mortgage originations are likely to be national in scope. We then show that even if mortgage markets were local, they would be unconcentrated. Finally, we test for an empirical relationship between the local concentration of mortgage lending and...