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Moving up: trends in homeownership and mortgage indebtedness

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  • Wenli Li
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    Abstract

    Since the mid-1980s, important developments have taken place in the housing finance system. In the 1990s, the U.S. economy experienced the longest expansion in its history, marked by substantial growth in household income and wealth. In addition, Congress passed the Tax Reform Act of 1986 and the Taxpayer Relief Act of 1997, two laws favorable to homeowners. Therefore, it's not surprising that homeownership rates and the mortgage indebtedness of American families have also changed significantly. In "Moving Up: Trends in Homeownership and Mortgage Indebtedness," Wenli Li uses the University of Michigan's Panel Study of Income Dynamics to examine the effects of these changes and how they vary across households.

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    Bibliographic Info

    Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

    Volume (Year): (2005)
    Issue (Month): Q1 ()
    Pages: 26-34

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    Handle: RePEc:fip:fedpbr:y:2005:i:q1:p:26-34

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    Related research

    Keywords: Home ownership ; Mortgage loans;

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    Cited by:
    1. Mark Doms & John Krainer, 2007. "Innovations in mortgage markets and increased spending on housing," Working Paper Series 2007-05, Federal Reserve Bank of San Francisco.
    2. Matthew S. Chambers & Carlos Garriga & Don Schlagenhauf, 2007. "Equilibrium mortgage choice and housing tenure decisions with refinancing," Working Paper 2007-25, Federal Reserve Bank of Atlanta.
    3. Matthew Chambers & Carlos Garriga, 2005. "Accounting for Changes in the Homeownership Rate," Computing in Economics and Finance 2005 304, Society for Computational Economics.
    4. Matthew Chambers & Carlos Garriga & Don Schlagenhauf, 2009. "The loan structure and housing tenure decisions in an equilibrium model of mortgage choice," Working Papers 2008-024, Federal Reserve Bank of St. Louis.
    5. Andrew Kish, 2006. "Perspectives on recent trends in consumer debt," Payment Cards Center Discussion Paper 06-05, Federal Reserve Bank of Philadelphia.

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