Real Estate Papers

Document Type

Journal Article

Date of this Version

5-2016

Publication Source

American Economic Review

Volume

106

Issue

5

Start Page

625

Last Page

629

DOI

10.1257/aer.p20161084

Abstract

This paper identifies the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual households to become homeowners has not been previously identified. The homeownership rate in 2010-2013 is estimated to be 2.3 percentage points lower than if the constraints were set at the 2001 level.

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Date Posted:11 December 2017

This document has been peer reviewed.