Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences

By A. Greenspan, James E. Kennedy. 2005

135 citations recorded by the source corpus.

Since 1997, when the Department of Housing and Urban Development discontinued its quarterly gross mortgage flow system, there has been no systematic attempt to disaggregate the net change in outstanding home mortgage debt into its constituent gross flows. Using a different approach, we have developed a system that reconciles the change in regular home mortgage debt with mortgage flows. The latter includes home purchase and refinance originations, and mortgage purchases, sales, and repayments for five types of mortgage originators and six categories of other mortgagees. In the process, we derive the sources of equity extraction from homes financed by mortgages.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/1b825bea2d50213997ea11a4951341c0a3bb3a6e

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Citations in the corpus

Rising household debt: Its causes and macroeconomic implications--a long-period analysis (2008, background): “1 See, for example, Canner et al. (2002), Greenspan and Kennedy (2005) and Chomsisengphet and Pennington-Cross (2006).”
What Drives Personal Consumption? The Role of Housing and Financial Wealth (2009, unknown): “One reason is that housing wealth has become more liquid in that it is now easier and less costly to borrow against it. It is well-documented (see e.g., Davey (2001), Debelle (2004) and Greenspan and Kennedy (2005) ) that inAnglo‐Saxoncountriestheamountofmoneyhouseholdswithdrawfromtheir mortgages(m”
The Panic of 2007 (2008, background): “238). Other examples of empirical work include Calomiris and Schweikart (1991), Moen and Tallman (1992), Calomiris and Mason (1997), Richardson (2005) and Richardson and Troost (2005).”
Do Family Wealth Shocks Affect Fertility Choices? Evidence from the Housing Market (2013, background): “As Greenspan and Kennedy (2005) have documented, equity extraction became much more prevalent during the late 1990s and 2000s, which likely increased household responsiveness to any home price increases.”
Addressing Household Indebtedness: Monetary, Fiscal or Macroprudential Policy? (2017, unknown): “1 = Et [( βP λP,t+1 λP,t ) 1 +R t πt+1 ] , (23)”
The Effect of Housing Wealth on College Choice: Evidence from the Housing Boom (2012, unknown): “However, using the Panel Study of Income Dynamics (PSID), we found little evidence that households with different income levels experienced different home price growth rates within MSAs.(19) To examine differences in the effect of home prices by family income, we estimate a modified version of equat”