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dc.contributor.authorFerreira, Fernandoen_US
dc.contributor.authorGyourko, Josephen_US
dc.contributor.authorTracy, Josephen_US
dc.date.accessioned2010-04-28en_US
dc.date.accessioned2012-08-17T14:38:03Z-
dc.date.available2012-08-17T14:38:03Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/60941-
dc.description.abstractUsing two decades of American Housing Survey data from 1985 to 2005, we estimate the influence of negative home equity and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility rates over time. The effects are economically large - mobility is almost 50 percent lower for owners with negative equity in their homes. This finding does not imply that current concerns over defaults and homeowners having to relocate are entirely misplaced. It does indicate that, in the past, the mortgage lock-in effects of these two factors were dominant over time. Policymakers may wish to begin considering the consequences of mortgage lock-in and reduced household mobility because they are quite different from the consequences associated with default and higher mobility.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 350en_US
dc.subject.jelR23en_US
dc.subject.jelR21en_US
dc.subject.jelR51en_US
dc.subject.ddc330en_US
dc.subject.keywordHousehold mobilityen_US
dc.subject.keywordnegative equityen_US
dc.subject.keywordmortgage lock-inen_US
dc.subject.stwImmobilienmarkten_US
dc.subject.stwWirtschaftskriseen_US
dc.subject.stwHypotheken_US
dc.subject.stwSchuldenen_US
dc.subject.stwWohnungswechselen_US
dc.subject.stwUSAen_US
dc.titleHousing busts and household mobilityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587564288en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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