Our website will undergo scheduled maintenance on the afternoon of Thursday, August 11, 2022. During this time, connection to our website and some of its features may be unavailable. Thank you for your patience and we apologize for any inconvenience.

Search Results

Showing results 1 to 4 of approximately 4.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:home prices OR Home Prices 

Discussion Paper
Foreclosures Loom Large in the Region

Households in the New York-northern New Jersey region were spared the worst of the housing bust and have generally experienced less financial stress than average over the past several years. However, as the housing market has begun to recover both regionally and nationally, the region is faring far worse than the nation in one important respect—a growing backlog of foreclosures is resulting in a foreclosure rate that is now well above the national average. In this blog post, we describe this outsized increase in the region’s foreclosure rate and explain why it has occurred. We then ...
Liberty Street Economics , Paper 20130410

Discussion Paper
Gulf War II Veterans Home Buyers Tax Credit

Over the next few years, large volumes of homes are likely to flow from foreclosure onto lenders? balance sheets as ?real estate owned,? or REO. Without a significant boost to demand, this large volume of ?distressed? real estate could potentially put substantial downward pressure on home prices. Accordingly, new policy initiatives are needed to increase the rate at which properties that flow into REO get reabsorbed back into use as renter- or owner-occupied units. In this post, I make the case for a tax credit for Gulf War II veterans? home purchases.
Liberty Street Economics , Paper 20120222

Working Paper
A Shortage of Short Sales: Explaining the Underutilization of a Foreclosure Alternative

The Great Recession led to widespread mortgage defaults, with borrowers resorting to both foreclosures and short sales to resolve their defaults. I first quantify the economic impact of foreclosures relative to short sales by comparing the home price implications of both. After accounting for omitted variable bias, I find that homes selling as short sales transact at 9.2% to 10.5% higher prices on average than those that sell after foreclosure. Short sales also exert smaller negative externalities than foreclosures, with one short sale decreasing nearby property values by 1 percentage point ...
Working Papers , Paper 19-13

Report
A simple model of subprime borrowers and credit growth

The surge in credit and house prices that preceded the Great Recession was particularly pronounced in ZIP codes with a higher fraction of subprime borrowers (Mian and Sufi 2009). We present a simple model of prime and subprime borrowers distributed across geographic locations, which can reproduce this stylized fact as a result of an expansion in the supply of credit. Owing to their low incomes, subprime households are constrained in their ability to meet interest payments and hence sustain debt. As a result, when the supply of credit increases and interest rates fall, they take on ...
Staff Reports , Paper 766

FILTER BY year

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

G21 2 items

R3 2 items

D1 1 items

D14 1 items

E21 1 items

E44 1 items

show more (4)

FILTER BY Keywords

home prices 4 items

Foreclosures 3 items

Housing Recovery 1 items

REO 1 items

collateral constraints 1 items

credit supply 1 items

show more (8)

PREVIOUS / NEXT