Leverage and house-price dynamics in US cities

被引：111
|
作者：
Lamont, O [1 ]
Stein, JC
机构：
[1] Univ Chicago, Chicago, IL 60637 USA
[2] NBER, Cambridge, MA 02138 USA
[3] MIT, Cambridge, MA 02139 USA
来源：
RAND JOURNAL OF ECONOMICS | 1999年 / 30卷 / 03期
关键词：
D O I：
10.2307/2556060
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities were a greater fraction of homeowners are highly leveraged-i.e., have high loan-to-value ratios-house prices react more sensitively to city-specific shocks, such as changes in per-capita income. This finding is consistent with recent theories that emphasize the role of borrowing in shaping the behavior of asset prices.
引用
收藏
页码：498 / 514
页数：17
相关论文
共 50 条
  • [1] House price dynamics under lower leverage: the case of metropolitan cities in India
    Pani, Sudhanshu Sekhar
    INTERNATIONAL JOURNAL OF HOUSING MARKETS AND ANALYSIS, 2024, 17 (03) : 814 - 836
  • [2] Local house-price vulnerability: Evidence from the US and Canada
    Alter, Adrian
    Mahoney, Elizabeth M.
    JOURNAL OF HOUSING ECONOMICS, 2021, 54
  • [3] EXPECTATIONS OF HOUSE-PRICE CHANGES
    MUTH, RF
    PAPERS OF THE REGIONAL SCIENCE ASSOCIATION, 1986, 59 : 45 - 55
  • [4] Neighborhood Diversity and House-Price Appreciation
    David A. Macpherson
    G. Stacy Sirmans
    The Journal of Real Estate Finance and Economics, 2001, 22 : 81 - 97
  • [5] Neighborhood diversity and house-price appreciation
    Macpherson, DA
    Sirmans, GS
    JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, 2001, 22 (01): : 81 - 97
  • [6] Interpretation and compatibility of house-price series
    Nicol, C
    ENVIRONMENT AND PLANNING A, 1996, 28 (01) : 119 - 133
  • [7] Monetary Policy and Regional House-Price Appreciation
    Cooper, Daniel
    Luengo-Prado, Maria Jose
    Olivei, Giovanni P.
    INTERNATIONAL JOURNAL OF CENTRAL BANKING, 2022, 18 (03): : 173 - 227
  • [8] HOUSE-PRICE CAPITALIZATION OF CREATIVE FINANCE - AN INTRODUCTION
    JAFFEE, DM
    HOUSING FINANCE REVIEW, 1984, 3 (02): : 107 - 117
  • [9] US metropolitan house price dynamics
    Oikarinen, Elias
    Bourassa, Steven C.
    Hoesli, Martin
    Engblom, Janne
    JOURNAL OF URBAN ECONOMICS, 2018, 105 : 54 - 69
  • [10] Taxation and house-price uncertainty: Some empirical estimates
    Sheffrin, SM
    Turner, TM
    INTERNATIONAL TAX AND PUBLIC FINANCE, 2001, 8 (04) : 621 - 636
12345