全球智库信息集成服务系统(G2TT): Racial Disparities in Housing Returns

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29306
来源ID	Working Paper 29306
	Racial Disparities in Housing Returns
	Amir Kermani; Francis Wong
发表日期	2021-10-04
出版年	2021
语种	英语
摘要	We document the existence of a racial gap in realized housing returns that is an order of magnitude larger than disparities arising from housing costs alone, and is driven almost entirely by differences in distressed home sales (i.e. foreclosures and short sales). Black and Hispanic homeowners are both more likely to experience a distressed sale and to live in neighborhoods where distressed sales erase more house value. Importantly, absent financial distress, houses owned by minorities do not appreciate at slower rates than houses owned by non-minorities. Racial differences in income stability and liquid wealth explain a large share of the differences in distress. We use quasi-experimental variation in loan modifications to show that policies that restructure mortgages for distressed minorities can increase housing returns and reduce the racial wealth gap.
主题	Financial Economics ; Labor Economics ; Demography and Aging
URL	https://www.nber.org/papers/w29306
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/586989
推荐引用方式 GB/T 7714	Amir Kermani,Francis Wong. Racial Disparities in Housing Returns. 2021.