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Diane Publishing Books
Housing Wealth and Wage Bargaining
Chris Cunningham (au); Robert R. Reed (au)
This report examines the relationship between housing equity and wage earnings. The authors first provide a simple model of wage bargaining where failure leads to both job loss and mortgage default. Moreover, foreclosure generates disutility beyond selling a home. They test this prediction using nine waves of the Nat. Am. Housing Survey and find that people with an underwater mortgage command a significantly lower wage than other homeowners. The authors also include other determinants of "house lock" such as a favorable mortgage interest rate relative to the current rate and a capped property tax assessment, but they do not find these factors lower earnings. They conclude that negative equity matters because default is unpleasant or costly, not because it precludes an out-of-state job search. Tables. This is a print on demand report.
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