Diminishing Margins: Housing Market Declines and Family Financial Responses
dc.contributor.author | Stafford, Frank P. | |
dc.contributor.author | Hurst, Erik | |
dc.contributor.author | Chen, Bing | |
dc.date.accessioned | 2013-01-24T17:35:59Z | |
dc.date.available | 2013-01-24T17:35:59Z | |
dc.date.issued | 2012-12 | |
dc.identifier.uri | https://hdl.handle.net/2027.42/95903 | |
dc.description | Working Paper: WP 2012-276 | en_US |
dc.description.abstract | We utilize data from the Panel Study of Income Dynamics (PSID) to study borrowing decisions and other factors related to the run-up in housing prices in 1999-2007, their precipitous decline in 2007-2009, and how they contributed to mortgage distress and foreclosures as of 2009-2011. Difficulties were concentrated in selected real estate markets where the Case Shiller home index declined more than 35% from 2007 to 2009. Often expecting further price appreciation or responding to a positive family labor market and income circumstance, homeowners, supported by their lenders, allocated too much of their family income to support house payments and put themselves in a risky position. The year of taking the original mortgage, the rate of decrease in the Case-Shiller home price index, household wealth, and labor market and disability status are substantial predictors of mortgage payment distress and foreclosure. | en_US |
dc.description.sponsorship | Social Security Administration | en_US |
dc.language.iso | en_US | en_US |
dc.publisher | Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 | en_US |
dc.relation.ispartofseries | WP 2012-276 | en_US |
dc.subject | Mortgage Distress, Foreclosure, Housing, Case-Shiller Index | en_US |
dc.title | Diminishing Margins: Housing Market Declines and Family Financial Responses | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationum | University of Chicago | en_US |
dc.contributor.affiliationum | Department of Economics, University of Michigan | en_US |
dc.contributor.affiliationother | Department of Economics, University of Michigan | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/95903/1/wp276.pdf | |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
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