Negative home equity, economic insecurity, and household mobility over the Great Recession

详细信息    查看全文

• 作者：Jesse Bricker^a ; ^{jesse.bricker@frb.gov" class="auth_mail" title="E-mail the corresponding author} ; Brian Bucks^b ; ^{brian.bucks@cfpb.gov" class="auth_mail" title="E-mail the corresponding author}
• 关键词：Mobility ; Negative equity ; Double trigger hypothesis
• 刊名：Journal of Urban Economics
• 出版年：2016
• 出版时间：January 2016
• 年：2016
• 卷：91
• 期：Complete
• 页码：1-12
• 全文大小：355 K

文摘

This paper uses data from the 2007–09 Survey of Consumer Finances panel to examine U.S. households’ decisions to move during the Great Recession and the role of negative home equity and economic shocks, such as job loss, in these decisions. The recession's effects are nonetheless apparent in the notable fraction of homeowners who moved involuntarily due to, for example, foreclosure. Many involuntary moves appear to stem from a combination of negative home equity and adverse economic shocks rather than negative equity alone. Homeowners with both negative equity and economic shocks were substantially more likely to have moved between 2007 and 2009 and to have moved involuntarily. The findings suggest that, analogous to the double-trigger theory of default, the relationship between negative equity and household mobility varies with households’ exposure to adverse shocks.