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Journal Article
Changing patterns of housing finance
Seiders, David F. (1981-06)
Federal Reserve Bulletin , Issue Jun

Speech
The road to recovery: Hudson Valley
Dudley, William (2011)
Remarks at the State University of New York at New Paltz, New Paltz, New York.
Speech , Paper 57

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

Conference Paper
Housing and monetary policy: general discussion
Feldstein, Martin (2007)
Proceedings - Economic Policy Symposium - Jackson Hole

Speech
The economic outlook and the role of monetary policy
Dudley, William (2013)
Remarks at the Economic Club of New York, New York City.
Speech , Paper 99

Working Paper
Do homeowners know their house values and mortgage terms?
Bucks, Brian K.; Pence, Karen M. (2006)
To assess whether homeowners know their house values and mortgage terms, we compare the distributions of these variables in the household-reported 2001 Survey of Consumer Finances (SCF) to the distributions in lender-reported data. We also examine the share of SCF respondents who report not knowing these variables. We find that most homeowners appear to report their house values and broad mortgage terms reasonably accurately. Some adjustable-rate mortgage borrowers, though, and especially those with below-median income, appear to underestimate or not know how much their interest rates could ...
Finance and Economics Discussion Series , Paper 2006-03

Report
House price booms, current account deficits, and low interest rates
Ferrero, Andrea (2012)
One of the most striking features of the period before the Great Recession is the strong positive correlation between house price appreciation and current account deficits, not only in the United States but also in other countries that have subsequently experienced the highest degree of financial turmoil. A progressive relaxation of credit standards can rationalize this empirical observation. Lower collateral requirements facilitate access to external funding and drive up house prices. The current account turns negative because households borrow from the rest of the world. At the same time, ...
Staff Reports , Paper 541

Journal Article
Mortgage, construction, and real estate markets
anonymous (1973-07)
Federal Reserve Bulletin , Issue Jul , Pages 481-492

Journal Article
Recovering from the housing and financial crisis
Luttrell, David; Duca, John V. (2010)
The recent recession was unusual because it stemmed from an unsustainable easing of credit standards and financing, which fueled the prior expansion but also the imbalances that led to the worst recession since the 1930s. When losses on new financial practices ended excessive lending, the economy was hit by housing and credit shocks, culminating in a financial crisis. Home construction plunged, wealth fell, credit standards tightened and financial markets seized up. ; The initial impacts of these four shocks on gross domestic product (GDP) were amplified by cyclical interactions between ...
Economic Letter , Volume 5

Conference Paper
Housing is the business cycle: commentary
Smets, Frank (2007)
Proceedings - Economic Policy Symposium - Jackson Hole

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