This paper identifies and tries to clarify the effects of a number of changes in the system of delivering mortgage credit and housing subsidies. First, we examine the trends in housing and mortgage market data and policy. This review highlights the perceived relationships of these sectors to the...

Using comparatively new data sources, this study estimates that effective property tax rates on taxable capital declined nearly 50% in the U.S. during the decade of the 1970s, a phenomenon generally overlooked or understated in previous studies. Recognition of this halving of property tax rates...

Most of the interest in alternatives to the standard mortgage instrument has centered on the ability of the alternatives to improve on the performance of the mortgage instrument over the business cycle. The focus in this paper is on the long-term effects on homeownership rates and associated...