| 来源类型 | Working Paper |
| 规范类型 | 论文 |
| The impact of federal housing policy on housing demand and homeownership: Evidence from a quasi-experiment | |
| Stephen D. Oliner; Tobias Peter; Edward J. Pinto; Morris A. Davis | |
| 发表日期 | 2018-01-08 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Editor’s note: This paper has been updated from the original version posted in January 2018. Abstract Federal housing policy promotes homeownership by subsidizing mortgage debt for many households with few assets and low credit scores. In this paper, we exploit the Federal Housing Administration’s (FHA’s) surprise 50 basis point cut to its annual mortgage insurance premium in January 2015 to study the impact of federal housing policy and interest rates on housing demand for a population of households likely to be influenced by changes to policy. The premium cut, which reduced monthly payments the same amount as a three-quarter percentage point drop in the mortgage rate, increased the purchasing power of the typical FHA borrower by 6 percent. Our analysis shows FHA borrowers increased the value of the housing they purchased by 2.5 percentage points relative to a control group of borrowers in areas with minimal FHA presence. The rise in spending reflected an increase in constant-quality home prices, with no significant change in the quality of housing purchased by FHA buyers. We also estimate that the premium cut induced approximately 17,000 households to become first-time homebuyers in the initial year after the cut, an increase that fell far short of the FHA’s projection. Because the rise in constant-quality house prices affected both FHA and other buyers in areas with substantial FHA lending, non-FHA first-time buyers as a group incurred a cost of $180,000 for each of the 17,000 new first-time FHA buyers. Read the full PDF here. |
| 主题 | Housing Center ; Housing Finance |
| 标签 | AEI Center on Housing Markets and Finance ; Federal Housing Administration (FHA) ; Housing Center: Research ; mortgage ; What to Do: Policy Recommendations on Housing |
| URL | https://www.aei.org/research-products/working-paper/the-impact-of-federal-housing-policy-on-housing-demand-and-homeownership-evidence-from-a-quasi-experiment/ |
| 来源智库 | American Enterprise Institute (United States) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/207377 |
| 推荐引用方式 GB/T 7714 | Stephen D. Oliner,Tobias Peter,Edward J. Pinto,et al. The impact of federal housing policy on housing demand and homeownership: Evidence from a quasi-experiment. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| Davis-Oliner-Peter-P（1713KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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