This paper assesses the impact of the mortgage crisis on Chelsea, Massachusetts, a low-and moderate income community of 35,000 adjacent to Boston. After years of rapid growth, house prices started falling in 2005. According to our repeat-sales indices, by the end of 2009 prices had fallen by as...

The private saving rate in Turkey has decreased substantially since 2000. In this study, we investigate the determinants of the private saving rate in Turkey, with a special focus on the role of mortgage debt. We find a strong and robust negative effect of mortgage credit growth on private...