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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

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

Discussion Paper
Shifting confidence in homeownership: the Great Recession
Jamison, Julian; Bracha, Anat (2012)
The authors study the responses to several questions related to real estate that were added to the Michigan Survey of Consumers in July and August 2011. In particular, they asked about attitudes toward renting versus buying a home, about commuting, and about how much to spend on a mortgage. By matching the results to data (at the ZIP-code level) about relative house price declines during the recent crisis, they can study the relationship between the U.S. housing crash and the attitudes of individual consumers. They find that younger respondents are relatively less confident about ...
Public Policy Discussion Paper , Paper 12-4

Working Paper
The Effects of the 1930s HOLC \"Redlining\" Maps
Mazumder, Bhashkar; Hartley, Daniel; Aaronson, Daniel (2017-09-17)
In the wake of the Great Depression, the Federal government created new institutions such as the Home Owners' Loan Corporation (HOLC) to stabilize housing markets. As part of that effort, the HOLC created residential security maps for over 200 cities to grade the riskiness of lending to neighborhoods. We trace out the effects of these maps over the course of the 20th and into the early 21st century by linking geocoded HOLC maps to both Census and modern credit bureau data. Our analysis looks at the difference in outcomes between residents living on a lower graded side versus a higher graded ...
Working Paper Series , Paper WP-2017-12

Journal Article
Housing affordability: Catch me if you can
Wirtz, Ronald A. (2005-05)
Has housing affordability improved? Yes and no.
Fedgazette , Volume 17 , Issue May , Pages 6-9

Discussion Paper
Home ownership education and counseling: issues in research and definition
Mallach, Alan (2000)
Many public- and private-sector initiatives support the expansion of home-ownership opportunities for low- and moderate-income households. This discussion paper assesses existing research on the effectiveness of home-ownership education and counseling and opportunities for future research. A limited number of printed copies are available.
Community Affairs Discussion Paper , Paper 00-01

Report
Housing busts and household mobility
Tracy, Joseph; Gyourko, Joseph; Ferreira, Fernando (2008)
Using two decades of American Housing Survey data from 1985 to 2005, we estimate the influence of negative home equity and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility rates over time. The effects are economically large -- mobility is almost 50 percent lower for owners with negative equity in their homes. This finding does not imply that current concerns over defaults and homeowners having to relocate are entirely misplaced. It does indicate that, in the past, the mortgage lock-in effects of these two factors were dominant ...
Staff Reports , Paper 350

Working Paper
The homeownership experience of households in bankruptcy
Carroll, Sarah W.; Li, Wenli (2008)
This paper provides the first in-depth analysis of the homeownership experience of households in bankruptcy. The authors consider households who are homeowners at the time of filing. These households are typically seriously delinquent on their mortgages at the time of filing. The authors measure how often they end up losing their houses in foreclosure, the time between bankruptcy filing and foreclosure sale, and the foreclosure sale price. In particular, they follow homeowners who filed for chapter 13 bankruptcy between 2001 and 2002 in New Castle County, Delaware, through October 2007. They ...
Working Papers , Paper 08-14

Journal Article
Foreclosure alternatives: case for preserving homeownership
Hatcher, Desiree (2006-02)
Residential foreclosures have become a growing concern in the lending industry. GMAC-RFC (Residential Funding Corporation), America?s largest private issuer of mortgage-backed securities and a leading warehouse lender, estimates that it loses over $50,000 per foreclosed home. According to the U.S. Census Bureau?s statistical abstracts, the number of nonfarm mortgage loans in foreclosure at year-end 2003 (the latest year for which information is available) was over 500,000. This translates into $25 billion in foreclosure cost for lenders. ; Of course, lenders are just one stakeholder in the ...
Profitwise , Issue Feb , Pages 2-5

Working Paper
Accounting for changes in the homeownership rate
Garriga, Carlos; Schlagenhauf, Don E.; Chambers, Matthew (2007)
After three decades of being relatively constant, the homeownership rate increased over the period 1994 to 2005 to attain record highs. The objective of this paper is to account for the observed boom in ownership by examining the role played changes in demographic factors and innovations in the mortgage market which lessened downpayment requirements. To measure the aggregate and distributional impact of these factors, we construct a quantitative general equilibrium overlapping generation model with housing. We find that the long-run importance of the introduction of new mortgage products for ...
Working Papers , Paper 2007-034

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