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Residential Mobility and Mortgages

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Author Info
Sewin Chan
Abstract

Mortgage applications are a detailed and accurate source of household information that is verified by underwriters, making it a more accurate data source than self-reported survey answers. This paper discusses how mortgage data can be applied to areas of economics outside mortgage finance. As a supplement to variables from the application form, the self-selection of mortgage points is used to infer expected mobility. A duration model of housing spells is estimated, and the points indicator is shown to be highly significant in predicting mobility for low loan-to-value borrowers. The findings demonstrate the potential fruitfulness of using this new data source.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5181.

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Date of creation: Jul 1995
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Handle: RePEc:nbr:nberwo:5181

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Find related papers by JEL classification:
J60 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - General
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing

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  2. Jeremy C. Stein, 1993. "Prices and Trading Volume in the Housing Market: A Model with Downpayment Effects," NBER Working Papers 4373, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Nakagami, Yasuhiro & Pereira, Alfredo M., 1991. "Housing appreciation, mortgage interest rates, and homeowner mobility," Journal of Urban Economics, Elsevier, vol. 30(3), pages 271-292, November. [Downloadable!] (restricted)
  4. Oskar R. Harmon & Michael J. Potepan, 1988. "Housing Adjustment Costs: Their Impact on Mobility and Housing Demand Elasticities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 459-478. [Downloadable!] (restricted)
  5. Bartel, Ann P, 1979. "The Migration Decision: What Role Does Job Mobility Play?," American Economic Review, American Economic Association, vol. 69(5), pages 775-86, December. [Downloadable!] (restricted)
  6. Kiel, Katherine A., 1994. "The Impact of House Price Appreciation on Household Mobility," Journal of Housing Economics, Elsevier, vol. 3(2), pages 92-108, June. [Downloadable!] (restricted)
  7. David Genesove & Christopher J. Mayer, 1994. "Equity and Time to Sale in the Real Estate Market," NBER Working Papers 4861, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Gronberg, Timothy J. & Reed, W. Robert, 1992. "Estimation of duration models using the Annual Housing Survey," Journal of Urban Economics, Elsevier, vol. 31(3), pages 311-324, May. [Downloadable!] (restricted)
  9. Andrew Caplin & Charles Freeman & Joseph Tracy, 1993. "Collateral Damage: How Refinancing Constraints Exacerbate Regional Recessions," NBER Working Papers 4531, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1992-1), pages 1-76. [Downloadable!]
  11. George J. Borjas & Stephen G. Bronars & Stephen J. Trejo, 1992. "Self-Selection and Internal Migration in the United States," NBER Working Papers 4002, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Quigley, John M, 1987. "Interest Rate Variations, Mortgage Prepayments and Household Mobility," The Review of Economics and Statistics, MIT Press, vol. 69(4), pages 636-43, November. [Downloadable!] (restricted)
  13. Henderson, J. Vernon & Ioannides, Yannis M., 1989. "Dynamic aspects of consumer decisions in housing markets," Journal of Urban Economics, Elsevier, vol. 26(2), pages 212-230, September. [Downloadable!] (restricted)
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