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Discussion Paper
Developing Inclusive Communities: Challenges and Opportunities for Mixed-Income Housing
Duckworth, Richard; Carpenter, Ann; Lewis Glover, Renée (2017-06-01)
Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem. {{p}} To meet the affordable housing needs in U.S. communities, innovation, creativity, and "out of the box" thinking may be required, particularly as it relates to reducing the rapidly increasing costs of ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-1

Discussion Paper
Informal Homeownership Issues: Tracking Contract for Deed Sales in the Southeast
Carpenter, Ann; Thayer, Chris; Lueders, Abram (2017-06-01)
Since the Great Recession, homeownership rates have dropped and the wealth divide has widened for low-income and racial and ethnic minority households. Homeownership is a significant contributor to household balance sheets and generator of household wealth, particularly for these populations. {{p}} A contract for deed is a seller-financed real estate contract consisting of installment payments. For households that desire the financial and physical security of owning a home, contracts for deed may provide an inexpensive option. However, risks may exist. Unlike the recipient of a mortgage, the ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-2

Discussion Paper
Rental Housing Affordability in the Southeast: Data from the Sixth District
Carpenter, Ann; White, Douglas; Hirt, Mary (2018-08-21)
Housing data are available for most large metropolitan regions in the Atlanta Fed's Southeast region. However, many midsized metropolitan, micropolitan, and nonmetro areas lack detailed data on rental housing affordability and housing supply needs by income level. These data are important for state and local governments, affordable housing developers, and housing advocates to inform housing policy. Therefore, the Atlanta Fed partnered with the Shimberg Center at the University of Florida to analyze census data using a methodology developed for Shimberg's periodic Rental Market Study for the ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2018-2

Discussion Paper
Declines in Low-Cost Rented Housing Units in Eight Large Southeastern Cities
Immergluck, Daniel; Carpenter, Ann; Lueders, Abram (2016-05-01)
From the last quarter of 2012 to the last quarter of 2015, median rents rose 23.4 percent in the South, according to the Census Bureau. Accordingly, an increasing number of households in the South are cost-burdened, which is defined as a household spending more than 30 percent of its income on housing. A growing number of households spend over 50 percent of their income on rent, making them severely cost-burdened. The percentage of such severely cost-burdened households with incomes below $35,000 reached 80 percent in 2014 in eight central cities in the Southeast (Atlanta, Birmingham, ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-3

Discussion Paper
Developing Inclusive Communities: Challenges and Opportunities for Mixed-Income Housing
Duckworth, Richard; Carpenter, Ann; Lewis Glover, Renée (2017-01-15)
Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem.To meet the affordable housing needs in U.S. communities, innovation, creativity, and "out of the box" thinking may be required, particularly as it relates to reducing the rapidly increasing costs of development. ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-01

Discussion Paper
Informal Homeownership Issues: Tracking Contract for Deed Sales in the Southeast
Carpenter, Ann; Thayer, Chris; Lueders, Abram (2017-06-01)
Since the Great Recession, homeownership rates have dropped and the wealth divide has widened for low-income and racial and ethnic minority households. Homeownership is a significant contributor to household balance sheets and generator of household wealth, particularly for these populations.A contract for deed is a seller-financed real estate contract consisting of installment payments. For households that desire the financial and physical security of owning a home, contracts for deed may provide an inexpensive option. However, risks may exist. Unlike the recipient of a mortgage, the ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-02

Discussion Paper
Rental Housing Affordability in the Southeast: Data from the Sixth District
Carpenter, Ann; White, Douglas; Hirt, Mary (2018-07-01)
Housing data are available for most large metropolitan regions in the Atlanta Fed's Southeast region. However, many midsized metropolitan, micropolitan, and nonmetro areas lack detailed data on rental housing affordability and housing supply needs by income level. These data are important for state and local governments, affordable housing developers, and housing advocates to inform housing policy. Therefore, the Atlanta Fed partnered with the Shimberg Center at the University of Florida to analyze census data using a methodology developed for Shimberg's periodic Rental Market Study for the ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2018-02

Working Paper
Do homeowners associations mitigate or aggravate negative spillovers from neighboring homeowner distress?
Cunningham, Chris; Meltzer, Rachel; Cheung, Ron (2013-12-01)
Experiences reveal that the monitoring costs of the foreclosure crisis may be nontrivial, and smaller governments may have more success at addressing potential negative externalities. One highly localized form of government is a homeowners association (HOA). HOAs could be well-suited for triaging foreclosures, as they may detect delinquencies and looming defaults through direct observation or missed dues. On the other hand, the reliance on dues may leave HOAs particularly vulnerable to members? foreclosure. We examine how property prices respond to homeowner distress and foreclosure within ...
FRB Atlanta Working Paper , Paper 2013-18

Working Paper
The Good, the Bad, and the Ordinary: Estimating Agent Value-Added Using Real Estate Transactions
Cunningham, Chris; Gerardi, Kristopher; Shen, Lily (2022-09-29)
Despite the prevalence and high cost of real estate agents, there is limited empirical evidence as to the nature or efficacy of their services. In this paper we estimate real estate agents’ value-added when either selling or buying homes using data from three large multiple listing services (MLS). We find that homeowners who forgo a conventional real estate agent, but who list their homes on the MLS via a flat fee broker, sell for between 1 and 4 percent more before commission but take longer to sell and are less likely to complete a sale. However, these average effects mask a significant ...
FRB Atlanta Working Paper , Paper 2022-11

Working Paper
The Short and the Long of It: Stock-Flow Matching in the US Housing Market
Fang, Lei; Xie, Zoe; Smith, Eric (2022-10-20)
This paper investigates the US housing market from just before the Great Recession onward (2006–19) and assesses the viability of stock-flow matching in generating the observed outcomes. The paper documents that the probability that a house sells declines sharply after listing for two weeks. Moreover, the probability and associated price of a fast sale recover from the housing slump sooner, faster, and more prominently than slower sales. The simulated stock-flow matching model can mimic not only sales, prices, listings, and time-on-market but also capture the distinctions in quick and ...
FRB Atlanta Working Paper , Paper 2022-15

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