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Borrowing Constraints And Homeownership
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Book Synopsis Borrowing Constraints and Homeownership by : Arthur Acolin
Download or read book Borrowing Constraints and Homeownership written by Arthur Acolin and published by . This book was released on 2016 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses findings relative to the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual households to become homeowners has not been previously identified. The homeownership rate in 2010-2013 is simulated to be 2.3 percentage points lower than if the constraints were set at the 2001 level.
Book Synopsis Borrowing Constraints During the Housing Bubble by : Irina Barakova
Download or read book Borrowing Constraints During the Housing Bubble written by Irina Barakova and published by . This book was released on 2013 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impact of borrowing constraints on homeownership has been well established in the literature. Wealth is most likely to restrict homeownership followed by credit and income. Using recent movers from the 1979 National Longitudinal Survey of Youth and borrowing constraint definitions commonly used in the literature, we examine the impact of these constraints on the probability of homeownership during the housing market boom between 2003 and 2007. We show that whereas the pool of financially constrained households expanded, the marginal impact of borrowing constraints associated with income and credit quality declined during this period. The constraint associated with wealth, however, continued to have a negative impact on homeownership status, all else equal. The fact that lending standards became less strict is accepted; however the impact of this on homeownership has not been previously studied. Here we find that less restrictive underwriting does appear to have reduced the impact of income and credit quality on homeownership but the impact of the wealth constraint persists.
Book Synopsis Borrowing Constraints and Homeownership Over the Recent Cycle by : Arthur Acolin
Download or read book Borrowing Constraints and Homeownership Over the Recent Cycle written by Arthur Acolin and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies for the first time the impact of borrowing constraints in the recent decline in homeownership rates. Using data from the Survey of Consumer Finance (SCF), we measure the combined impact of income, wealth and credit constraints on homeownership outcomes over time. It has been established that credit supply loosened during the 2004-07 period and then became considerably more restricted in the wake of the Great Recession. Homeownership has also declined. However, the impact of this tightening of credit on probability of individual households to become homeowners has not previously been estimated. Using estimations of borrowing constraints going back to 2001, we identify the impact of earlier period borrowing constraints compared to those of 2010-13 on population level U.S. homeownership rates.
Book Synopsis Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision by : William C. LaFayette
Download or read book Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision written by William C. LaFayette and published by . This book was released on 1995 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical research has been based on home purchasers using an 80 percent loan-to-value (LTV) fixed-rate conventional loan. Employing the same assumption, we find that the constraints lowered the ownership rate of our 1919 young home purchasers by about 20 percentage points. However, households are not restricted to putting 20 percent down and choosing a fixed- rate loan. When we allow households to select the optimal LTV and mortgage type (adjustable or fixed-rate with Federal Housing Administration (FHA) or conventional insurance), the percentage of our sample that is credit constrained declines from 71 to 49. Moreover, the measured impact on the homeownership rate of the constraints falls to only 4 percentage points. Further, FHA loans are estimated to increase homeownership by only 0.1 to 0.2 percentage points
Book Synopsis The Probability of Homeownership by : Susan S. Collins
Download or read book The Probability of Homeownership written by Susan S. Collins and published by . This book was released on 1995 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Low-Income Homeownership by : Nicolas P. Retsinas
Download or read book Low-Income Homeownership written by Nicolas P. Retsinas and published by Brookings Institution Press. This book was released on 2004-05-28 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication A generation ago little attention was focused on low-income homeownership. Today homeownership rates among under-served groups, including low-income households and minorities, have risen to record levels. These groups are no longer at the margin of the housing market; they have benefited from more flexible underwriting standards and greater access to credit. However, there is still a racial/ethnic gap and the homeownership rates of minority and low-income households are still well below the national average. This volume gathers the observations of housing experts on low-income homeownership and its effects on households and communities. The book is divided into five chapters which focus on the following subjects: homeownership trends in the 1990s; overcoming borrower constraints; financial returns to low-income homeowners; low-income loan performance; and the socioeconomic impact of homeownership.
Book Synopsis Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision by : William C. LaFayette
Download or read book Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision written by William C. LaFayette and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical research has been based on home purchasers using an 80 percent loan-to-value (LTV) fixed-rate conventional loan. Employing the same assumption, we find that the constraints lowered the ownership rate of our 1919 young home purchasers by about 20 percentage points. However, households are not restricted to putting 20 percent down and choosing a fixed- rate loan. When we allow households to select the optimal LTV and mortgage type (adjustable or fixed-rate with Federal Housing Administration (FHA) or conventional insurance), the percentage of our sample that is credit constrained declines from 71 to 49. Moreover, the measured impact on the homeownership rate of the constraints falls to only 4 percentage points. Further, FHA loans are estimated to increase homeownership by only 0.1 to 0.2 percentage points.
Book Synopsis Borrowing Constraints, Home Ownership and Housing Choice by : Kristian Blickle
Download or read book Borrowing Constraints, Home Ownership and Housing Choice written by Kristian Blickle and published by . This book was released on 2018 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of borrowing constraints on home ownership and housing demand by comparing the tenure choice and housing quality of consumers who receive intra-family wealth transfers to those that do not. Our analysis is based on household-level panel data providing information on the receipt of wealth transfers, changes in tenure status as well as changes in the size and quality of housing. On average we find that the receipt of a wealth transfer increases the propensity of consumers to transition from renters to home-owners by 6-8 percentage points (35% of the sample mean). Additional analyses suggest that this effect is unlikely to be driven by wealth effects and thus can be attributed to the relaxation of borrowing constraints. By contrast, wealth transfers do not increase the likelihood that existing homeowners “trade-up” to larger homes in better locations.
Book Synopsis Intergenerational Transfers, Borrowing Constraints and the Timing of Home Ownership by : Luigi Guiso
Download or read book Intergenerational Transfers, Borrowing Constraints and the Timing of Home Ownership written by Luigi Guiso and published by . This book was released on 1996 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Borrowing Constraints, Own Labour and Homeownership by : Peter Lindner
Download or read book Borrowing Constraints, Own Labour and Homeownership written by Peter Lindner and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Private Transfers, Borrowing Constraints and the Timing of Home Ownership by : Luigi Guiso
Download or read book Private Transfers, Borrowing Constraints and the Timing of Home Ownership written by Luigi Guiso and published by . This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Consumption Response to Borrowing Constraints in the Mortgage Market by : Belinda Tracey
Download or read book The Consumption Response to Borrowing Constraints in the Mortgage Market written by Belinda Tracey and published by . This book was released on 2021 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that relaxing borrowing constraints positively affects household consumption in addition to stimulating housing market activity. We focus on the UK Help-to-Buy (HTB) program, which provided a sudden relaxation of the down payment constraint by facilitating home purchases with only a five percent down payment. Our research design exploits geographic variation in exposure to HTB and uses administrative data on mortgages and car sales in combination with household survey data. We estimate that the program increased total home purchases by 11 percent, and the increase was driven almost entirely by first-time and young buyers. Regions that were more exposed to the program experienced a rise in non-durable consumption unrelated to the home and in loan-financed car purchases, in addition to an increase in home-related expenditures. These results are independent of changes in regional house prices. Our findings point to a further link between the housing market and household consumption that does not operate through the home purchase and housing wealth channels.
Book Synopsis Borrowing Constraints and the Tenure Choice of Young Households by : Donald R. Haurin
Download or read book Borrowing Constraints and the Tenure Choice of Young Households written by Donald R. Haurin and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we analyze the factors that affect the tenure choice of young adults, highlighting the impact of mortgage lender imposed borrowing constraints. The data set is a panel of youth age 20-33 for the years 1985-90. Our methods differ from most prior studies in many ways including consideration of possible sample selection bias, a richer model of the stochastic error structure, better measurement of which households are bound by borrowing constraints, and a fuller consideration of the endogeneity of wealth and income. Once all changes are implemented, we find ownership tendencies to be quite sensitive to economic variables. Specifically, potential earnings, the relative cost of owning a home, and especially borrowing constraints affect the tendency to own a home. In our sample of youth, 37% of households are constrained even after choosing their loan-to-value ratio to minimize the impact of the separate wealth and income requirements. The constraints reduce the probability of ownership of these households by 10 to 20 percentage points (a third to a half) depending on the particular characteristics of the household.
Book Synopsis Borrowing Constraints and the Tenure of Young Households by : Donald R. Haurin
Download or read book Borrowing Constraints and the Tenure of Young Households written by Donald R. Haurin and published by . This book was released on 1996 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intergenerational Transfers, Borrowing Constraints, and Saving Behavior by : Gary V. Engelhardt
Download or read book Intergenerational Transfers, Borrowing Constraints, and Saving Behavior written by Gary V. Engelhardt and published by . This book was released on 1995 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Borrowing Constraints and Housing Price Expectations in the Euro Area by : Miguel Ampudia
Download or read book Borrowing Constraints and Housing Price Expectations in the Euro Area written by Miguel Ampudia and published by . This book was released on 2015 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the importance of financial constraints on the home ownership decision of European households and their differential effect in periods of positive expectations of housing prices. We document that financial constraints are key drivers of the household home ownership decision being wealth constraints more relevant than income constraints. The wealth constraint is less binding under a scenario in which housing prices exhibit an upward trend.
Book Synopsis Housing Choice Under Borrowing Constraints by : Kevin A. Park
Download or read book Housing Choice Under Borrowing Constraints written by Kevin A. Park and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dramatic decline in the maximum loan amount eligible for FHA mortgage insurance in the Salt Lake City metropolitan statistical area between 2013 and 2014 provides a natural experiment in the impact of borrowing constraints on housing decisions. Using a differences-in-differences design within a seemingly unrelated regression model, we estimate the impact of this constraint on the size and location of homes purchased by FHA borrowers. We find that borrowers likely constrained by the new loan limits purchased smaller homes with larger downpayments than similar borrowers prior to the loan limit decline. Likely constrained borrowers do not appear to compromise on location, including the quality of local schools. The net effect of the housing choices compelled by the reduction in loan limits does not appear to change the credit risk of borrowers.
