Impact of House Price Appreciation on Portfolio Co

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Impact of House Price Appreciation on Portfolio Composition and Savings

Recent Fed. policy initiatives have sought to aggr

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By Donald R. Haurin (au); Stuart S. Rosenthal (au)
Year: 2005
Pages: 37
Binding Paperback

Product Code: 1422301087

Description

Recent Fed. policy initiatives have sought to aggressively boost homeownership in the U.S., such as the “American Dream Act” that provides down payment assistance for low-income & first time home buyers & regulations calling for a significant increase in the percentage of Fannie Mae & Freddie Mac lending that must be targeted at underserved borrowers & communities. This report answers 2 questions: (1) To what extent do households save or consume in response to house price appreciation (HPA)? (2) How does HPA affect household portfolios of assets & debts? Uses data from the Survey of Consumer Finances from 1983 to 2001. Results from the analysis provide support for both views of the impact of HPA on savings & consumption. Charts & tables.

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