| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23502 |
| 来源ID | Working Paper 23502 |
| Dynamics of Housing Debt in the Recent Boom and Great Recession | |
| Manuel Adelino; Antoinette Schoar; Felipe Severino | |
| 发表日期 | 2017-06-12 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper documents a number of key facts about the evolution of mortgage debt, homeownership, debt burden and subsequent delinquency during the recent housing boom and Great Recession. We show that the mortgage expansion was shared across the entire income distribution, i.e. the flow and stock of debt rose across all income groups (except for the top 5%). The mortgage expansion was especially pronounced in areas with increased house prices, and the speed at which houses turned over (churn) in these areas went up significantly. However, the average loan-to-value ratios (LTV) at origination did not increase over the boom period. While homeownership rates increased for the middle and upper income households, there was no increase in homeownership for the lowest income groups. Finally, default rates post-crisis went up predominantly in areas with large house price drops, especially for high income and high- FICO borrowers. These results are consistent with a view that the run up in mortgage debt over the pre-crisis period was driven by rising home values and expectations of increasing prices. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w23502 |
| 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/581175 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Antoinette Schoar,Felipe Severino. Dynamics of Housing Debt in the Recent Boom and Great Recession. 2017. |
| 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 | ||
| w23502.pdf（632KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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