Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/60941 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Staff Report No. 350
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
Using 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.
Schlagwörter: 
Household mobility
negative equity
mortgage lock-in
JEL: 
R23
R21
R51
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
291.25 kB





Publikationen in EconStor sind urheberrechtlich geschützt.