Mobility and mortgages: Evidence from the PSID

Coulson, N. Edward; Grieco, Paul L. E.

doi:10.1016/j.regsciurbeco.2012.10.004

Cited by 67 publications

(40 citation statements)

References 15 publications

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“…The main advantage of our dataset, compared with the PSID, is that our dataset is large enough that we can control for individual-level heterogeneity using fixed effects. Coulson & Grieco (2013) do not consider local labor market status nor provide a model; however, their empirical results are consistent with ours. Donovan & Schnure (2011) use data from the American Community Survey 2007Survey -2009 to show that there is a lock-in effect for homeowners who live in areas with large house price declines.…”

Section: Literature Surveysupporting

confidence: 71%

“…The main advantage of our dataset over that of Ferreira et al (2010) is that we follow individuals and not homes and, therefore, we can control for individualspecific fixed effects. Coulson & Grieco (2013) study the relation between mobility and negative equity using individual-level data from the Panel Study of Income Dynamics (PSID) for 1999-2009 and find no lock-in for owners with negative home equity in the states affected the most by the decline in house prices during the Great Recession. The main advantage of our dataset, compared with the PSID, is that our dataset is large enough that we can control for individual-level heterogeneity using fixed effects.…”

Section: Literature Surveymentioning

confidence: 99%

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Moving to a Job: The Role of Home Equity, Debt, and Access to Credit

Demyanyk¹,

Hryshko²,

Luengo‐Prado³

et al. 2014

Working Paper (Federal Reserve Bank of Cleveland)

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Section: Literature Surveysupporting

confidence: 71%

Section: Literature Surveymentioning

confidence: 99%

Moving to a Job: The Role of Home Equity, Debt, and Access to Credit

Demyanyk¹,

Hryshko²,

Luengo‐Prado³

et al. 2014

Working Paper (Federal Reserve Bank of Cleveland)

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“…This finding is corroborated in Coulson and Grieco (2013) who use data from the PSID covering the period from 1999 to 2009. Mobility again is defined as a change of residence by a household.…”

supporting

confidence: 59%

“…50 Chan (2001), Engelhardt (2003), Ferreira et al (2010) and Andersson and Mayock (2013 focus on moves that involve a transfer of ownership. In contrast, SchulhoferWohl (2011), Bucks and Bricker (2013) and Coulson and Grieco (2013) focus on changes of household residence, regardless of whether the ownership of the property has changed hands. The distinction is important since not all changes of household residence involve a change in ownership, whereas changes in ownership nearly always involve as well a change in household residence.…”

Section: Negative Equity and Housing Turnovermentioning

confidence: 99%

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How Mortgage Finance Affects the Urban Landscape

Chan

Haughwout

Tracy

2015

Handbook of Regional and Urban Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThis chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership, the nature of the housing stock, and the organization of residential activity. We start by providing some background on the design features of mortgage contracts that distinguish them from other loans, and that have important implications for issues presented in the rest of the chapter. We then explain how mortgage finance interacts with public policy, particularly tax policy, to influence a household's decision to own or rent, and how shifts in the demand for owner-occupied housing are translated into housing prices and quantities, given the unusual nature of housing supply. We consider the distribution of mortgage credit in terms of access and price, by race, ethnicity, income, and over the lifecycle, with particular attention to the role of recent innovations such as non-prime mortgage securitization and reverse mortgages. The extent of negative equity has been unprecedented in the past decade, and we discuss its impact on strategic default, housing turnover, and housing investment. We describe spatial patterns in foreclosure and summarize the evidence for foreclosure spillovers in urban neighborhoods. Finally, we offer some thoughts on future innovations in mortgage finance. How Mortgage Finance Affects the Urban LandscapeOver 80 percent of Americans live in metropolitan areas, and housing is the dominant land use in cities. For many Americans, homeownership is an important goal, and a substantial majority of the population, including renters, believes that homeownership is a good way to improve their financial situation (Fannie Mae, 2013). For many owners, and for the great majority of renters, purchasing a home will mean obtaining a mortgage. For this reason, the availability and form of mortgages is an important determinant of the homeownership rate, which in turn affects the nature of the housing stock and the organization of residential activity within and across metropolitan areas.In this chapter, we consider the literature on mortgage finance in the U.S. and its role in shaping the urban landscape. The 2000s witnessed an enormous boom/bust cycle in the residential real estate market, followed by the sharpest contraction in the overall economy since the 1930s.These events, which are widely thought to have been driven at least in part by the mortgage market, had a pronounced spatial pattern ...

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Data-Driven Policy Impact Evaluation

2019

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Mobility and mortgages: Evidence from the PSID

Cited by 67 publications

References 15 publications

Moving to a Job: The Role of Home Equity, Debt, and Access to Credit

Moving to a Job: The Role of Home Equity, Debt, and Access to Credit

How Mortgage Finance Affects the Urban Landscape

Data-Driven Policy Impact Evaluation

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