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http://hdl.handle.net/10419/60965
  

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dc.contributor.authorHaughwout, Andrewen_US
dc.contributor.authorLee, Donghoonen_US
dc.contributor.authorTracy, Josephen_US
dc.contributor.authorvan der Klaauw, Wilberten_US
dc.date.accessioned2011-09-20en_US
dc.date.accessioned2012-08-17T14:38:41Z-
dc.date.available2012-08-17T14:38:41Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/60965-
dc.description.abstractWe explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that experienced the largest housing booms and busts, at the peak of the market almost half of purchase mortgage originations were associated with investors. In part by apparently misreporting their intentions to occupy the property, investors took on more leverage, contributing to higher rates of default. Our findings have important implications for policies designed to address the consequences and recurrence of housing market bubbles.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 514en_US
dc.subject.jelG21en_US
dc.subject.jelD18en_US
dc.subject.jelR31en_US
dc.subject.ddc330en_US
dc.subject.keywordmortgagesen_US
dc.subject.keywordleverageen_US
dc.titleReal estate investors, the leverage cycle, and the housing market crisisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn668533382en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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