| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4440 |
| 来源ID | Working Paper 4440 |
| Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s | |
| Patric H. Hendershott; William R. Schultz | |
| 发表日期 | 1993-08-01 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | We examine foreclosures on FHA single family mortgages insured during 1975-87. The importance of the market value of borrower equity, and of the dispersion of national house prices support much earlier work emphasizing the key role of negative equity in triggering default. The lower the "mean" market value of equity is, and the greater dispersion is, the more borrowers will be likely to have negative equity. The unemployment rate and the book value of borrower equity also are significant determinants of default. Unemployment is one event that can force borrowers to move. The decision to move increases the likelihood of default, because moving costs no longer deter default, and the costs of selling the house reduce the effective equity in the house. The book value of equity also is relevant to this decision, because it is what sellers will receive if they move without defaulting. Both of these variables are significant determinants of default, but the employment impact rises as book equity declines (with large book equity, unemployment should not matter, because selling the house is preferred to default). |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w4440 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561812 |
| 推荐引用方式 GB/T 7714 | Patric H. Hendershott,William R. Schultz. Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s. 1993. |
| 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 | ||
| w4440.pdf（2149KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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