{"title":"Credit supply, homeownership and mortgage debt","authors":"Ahmet Ali Taşkın , Fırat Yaman","doi":"10.1016/j.jhe.2023.101947","DOIUrl":null,"url":null,"abstract":"<div><p>We analyze the effect of credit supply<span> on households’ homeownership and home equity outcomes. Banking deregulation together with states’ autonomy to limit deregulation provides an exogenous shift in credit supply which shows variation across states and time. We find that a shift from full to no regulation increases the probability of homeownership by one percentage point, and of having a mortgage by two percentage points, explaining up to 43% of the increase in homeownership and the share of households with mortgages. Mortgage debt increases by up to 20%. Household leverage and debt exposure measured as debt to income ratio increase slightly for households outside of MSAs.</span></p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"61 ","pages":"Article 101947"},"PeriodicalIF":1.4000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Housing Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1051137723000347","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
We analyze the effect of credit supply on households’ homeownership and home equity outcomes. Banking deregulation together with states’ autonomy to limit deregulation provides an exogenous shift in credit supply which shows variation across states and time. We find that a shift from full to no regulation increases the probability of homeownership by one percentage point, and of having a mortgage by two percentage points, explaining up to 43% of the increase in homeownership and the share of households with mortgages. Mortgage debt increases by up to 20%. Household leverage and debt exposure measured as debt to income ratio increase slightly for households outside of MSAs.
期刊介绍：
The Journal of Housing Economics provides a focal point for the publication of economic research related to housing and encourages papers that bring to bear careful analytical technique on important housing-related questions. The journal covers the broad spectrum of topics and approaches that constitute housing economics, including analysis of important public policy issues.
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