Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/60965 
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dc.contributor.authorHaughwout, Andrewen
dc.contributor.authorLee, Donghoonen
dc.contributor.authorTracy, Josephen
dc.contributor.authorvan der Klaauw, Wilberten
dc.date.accessioned2011-09-20-
dc.date.accessioned2012-08-17T14:38:41Z-
dc.date.available2012-08-17T14:38:41Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x514en
dc.subject.jelG21en
dc.subject.jelD18en
dc.subject.jelR31en
dc.subject.ddc330en
dc.subject.keywordmortgagesen
dc.subject.keywordleverageen
dc.titleReal estate investors, the leverage cycle, and the housing market crisis-
dc.typeWorking Paperen
dc.identifier.ppn668533382en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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