Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/60965 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Staff Report No. 514
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
We 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.
Schlagwörter: 
mortgages
leverage
JEL: 
G21
D18
R31
Dokumentart: 
Working Paper

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