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Decomposing the Foreclosure Crisis: House Price Depreciation Versus Bad Underwriting
Decomposing the Foreclosure Crisis: House Price De

 
Our Price: $20.00
By Kristopher Gerardi (au); Adam Hale Shapiro (au); Paul S. Willen (au)
Year: 2009
Pages: 45
Binding Paperback

Product Code: 1437929842

Description
 
Estimates a model of foreclosure using a data set that includes every residential mortgage, purchase-and-sale, and foreclosure transaction in Mass. from 1989 to 2008. Addresses the identification issues related to the estimation of the effects of house prices on residential foreclosures. Studies the dramatic increase in foreclosures that occurred in Mass. between 2005 and 2008 and concludes that the foreclosure crisis was primarily driven by the severe decline in housing prices that began in the latter part of 2005, not by a relaxation of underwriting standards. Relaxed underwriting standards severely aggravated the crisis by creating a class of homeowners who were particularly vulnerable to the decline in prices. Charts and tables.

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