We use panel data, endogenous switching and instrumental variables to assess the externality value of neighborhood home-ownership. Using the cluster samples of the 1985, 1989 and 1993 American Housing Survey, we find some variation in the estimate of this value, depending on the assumptions made...

An oft-touted benefit of homeownership is the ability to build and access equity, and in recent years the amount of “tappable” home equity held by US homeowners has reached historic levels. But more than one-quarter of recent applications for mortgage equity withdrawal (MEW) loan products...