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Newsletter
Helping Homeowners During the Covid-19 Pandemic: Lessons from the Great Recession
Dynan, Karen E.; Dokko, Jane K.; Amromin, Gene (2020-06-30)
The Covid-19 public health crisis has sharply reduced the earnings of millions of U.S. households, following the severe curtailment of economic activity needed to contain the spread of the virus. Meanwhile, households continue to confront their ongoing financial obligations. The ability of households to manage these obligations has important consequences for the speed at which the U.S. economy can recover from the current crisis. Households that are wiped out financially in the coming months will not be in a position to strongly resume spending once the virus containment issues have passed. ...
Chicago Fed Letter , Issue 443

Working Paper
Monetary Policy and Home Buying Inequality
Ringo, Daniel R. (2023-01-20)
Does monetary policy influence who becomes a home owner? Home purchases by low- and moderate-income households may be particularly sensitive to mortgage interest rates, as these households’ budgets are tighter and they more frequently come up against binding payment-to-income ratio constraints in credit decisions. Exploiting the timing of high-frequency observations of mortgage applicants locking in their interest rates around monetary policy shocks, I find that a 1 percentage point policy-induced increase in mortgage rates lowers the presence of low-income households in the population of ...
Finance and Economics Discussion Series , Paper 2023-006

Speech
Revisiting traditional paths to ownership: a speech at the Community Development Policy Summit, Federal Reserve Bank of Cleveland, Cleveland, Ohio, June 23, 2005
Olson, Mark W. (2005)
Speech , Paper 112

Journal Article
\\"What's it worth? Property taxes and assessment practices\\"
Schiller, Timothy G. (2011-07)
Residential property taxes are both a major source of local government financing and a significant cost of owning a home. Tax limitation measures and relatively moderate gains in house prices during most of the 1990s tended to keep property taxes from rising rapidly in those years. But from the late 1990s to the mid-2000s, house prices once again rose sharply. Property taxes followed a similar path, bringing them to greater public attention once again. Now that house prices appear to have shifted to a level or downward trend in most parts of the country, there seems to be increasing concern ...
Business Review , Issue Q3 , Pages 21-30

Report
The impact of housing markets on consumer debt: credit report evidence from 1999 to 2012
Zafar, Basit; Stein, Sarah; Brown, Meta (2013)
We investigate the impact of large swings in the housing market on nonmortgage borrowing, including student, credit card, auto, and home equity debts. For this purpose, we use CoreLogic geographic house price variation, matched with rich data on consumer liabilities from the Equifax-sourced FRBNY Consumer Credit Panel. The length and timing of our panel allow us to study the consumer debt portfolio response to house price changes during a boom-and-bust cycle of historic magnitude as well as during more ordinary times. In first-differenced instrumental variables estimation, we find that during ...
Staff Reports , Paper 617

Journal Article
RHOPI perspectives: the Chicago Community Trust
Requejo, Robert (2009-12)
Starting in the second half of 2007,the foreclosure crisis spread quickly across the Chicago area, seriously affecting communities of color and vulnerable populations. Although some public, private, and nonprofit responses to the growing foreclosure crisis in the Chicago area had started to develop in mid-2008, most of these responses seemed to be concentrated in the city of Chicago and a few nearby suburbs.The Chicago Community Trust (Trust), in collaboration with the MacArthur Foundation, commissioned the first region-wide report to catalogue those responses. Unsurprisingly, the study ...
Profitwise , Issue Dec , Pages 4-7

Conference Paper
Negative effects of personal bankruptcy filing for homeowners: reduced credit access and lost option value
Long, Cheryl (2005)
Focusing on home owners, the paper discusses the reduction in a household?s credit access due to bankruptcy filing and its two effects that may deter a household from filing for bankruptcy. Empirical evidence presented in the paper suggests that a household with a bankruptcy record is about 30% more likely to lose home ownership and consequently the mortgage loans captured in the house, compared to than a similar household without such a record. Since the household is forced to consume at a credit level below their desired level, this translates into an important deterrence effect for ...
Proceedings , Paper 959

Journal Article
Homeowner subsidies
Ergungor, O. Emre (2011-02)
Though some programs that were created to promote homeownership in the United States, like Fannie Mae and Freddie Mac, have been harshly criticized in the wake of the housing crisis, we are likely to continue to provide some form of taxpayer-funded assistance to those who would become homeowners. Historically, assistance has taken the form of either interest rate or down-payment subsidies, but recent research suggests that down-payment subsidies are much more effective. They create successful homeowners?homeowners who keep their homes?at a lower cost.
Economic Commentary , Issue Feb

Working Paper
The effects of the real estate bust on renter perceptions of homeownership
Collins, J. Michael; Choi, Laura (2010)
After almost a decade of strong price appreciation, the housing market fell into a steep decline in 2007. By 2008, foreclosure filings on owner-occupied homes were surpassing record levels. Due to the housing downturn, fewer renters may aspire to own a home, which could have lasting implications for neighborhoods and household asset building. This study analyzes the impact of the housing downturn on renters? intent to purchase a home, their perceptions of the risks and benefits of homeownership, and their interest in information and advice concerning homeownership. ; Based on a survey of 400 ...
Community Development Working Paper , Paper 2010-01

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