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Diane Publishing Books
Housing Busts and Household Mobility: An Update
Fernando Ferreira (au); Joseph Gyourko (au); Joseph Tracy (au)
This report provides updated estimates of the impact of three financial frictions äóî negative equity, mortgage lock-in, and property tax lock-in äóî on household mobility. The authors add the 2009 wave of the Am. Housing Survey (AHS) to their sample and also create an improved measure of permanent moves in response to Schulhofer-Wohläó»s (2011) critique of their earlier work (2010). Their updated estimates corroborate their previous results: Negative equity reduces household mobility by 30%, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10-16%. Schulhofer-Wohläó»s finding of a slight positive correlation between mobility and negative equity appears due to a large fraction of false positives, as his coding methodology has the propensity to misclassify almost half of the additional moves it identifies relative to the authorsäó» measure of permanent moves. This also makes his mobility measure dynamically inconsistent, as many transitions originally classified as a move are reclassified as a nonmove when additional AHS panels become available. The authors conclude with directions for future research, including potential improvements to measures of household mobility. Tables and figures. This is a print on demand report.
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