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Tag Archives: Household

Did Subprime Borrowers Drive the Housing Boom?

James Conklin, W. Scott Frame, Kristopher Gerardi, and Haoyang Liu Editor’s note: When this post was first published, the chart labels for “Non-Boom Counties” was incorrect; the labels have been corrected. (February 26, 12:00 pm) The role of subprime mortgage lending in the U.S. housing boom of the 2000s is hotly debated in academic literature. One prevailing narrative ascribes the unprecedented home price growth during the mid-2000s to an expansion in mortgage lending to subprime...

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Did Tax Reform Raise the Cost of Owning a Home?

Sonia Gilbukh, Andrew Haughwout, Rebecca Landau, and Joseph Tracy HOUSING SERIES: Post 5 of 5 The 2018 slowdown in the housing market has been a subject of intense interest to the press and policymakers, including articles reporting a slowing in house price growth and a decline in home construction. Today we follow up on our colleagues’ research on whether the Tax Cut and Jobs Act of 2017 (TCJA) has contributed to a slowdown in the housing market, looking closely at what price...

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Is the Recent Tax Reform Playing a Role in the Decline of Home Sales?

Richard Peach and Casey McQuillan HOUSING SERIES: Post 4 of 5 From the fourth quarter of 2017 through the third quarter of 2018, the average contract interest rate on new thirty-year fixed rate mortgages rose by roughly 70 basis points—from 3.9 percent to 4.6 percent. During this same period, there was a broad-based slowing in housing market activity with sales of new single-family homes declining by 7.6 percent while sales of existing single-family homes fell by 4.6 percent....

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The Sustainability of First-Time Homeownership

Donghoon Lee and Joseph Tracy HOUSING SERIES: Post 3 of 5 In this post we take up the important question of the sustainability of homeownership for first-time buyers. The evaluation of public policies aimed at promoting the transition of individuals from renting to owning should depend not only on the degree to which such policies increase the number of first-time buyers, but also importantly on whether these new buyers are able to sustain their homeownership. If a buyer is...

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Who’s on First? Characteristics of First-Time Homebuyers

Donghoon Lee and Joseph Tracy HOUSING SERIES: Post 2 of 5 In our previous post, we presented a new measure of first-time homebuyers. In this post, we use this improved measure to describe the characteristics of first-time buyers and how those characteristics change over time. Having an accurate assessment of first-time buyers is important given that the aim of many housing policies is to support the transition from renting to owning. A proper assessment of these housing policies...

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