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The Vulnerability of Minority Homeowners in the Housing Boom and Bust: Corrigendum

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  • Patrick Bayer
  • Fernando Ferreira
  • Stephen L. Ross

Abstract

This paper examines mortgage outcomes for a large sample of individual home purchases and refinances linked to credit scores in seven major US markets. Among those with similar credit scores and loan attributes, black and Hispanic homeowners had much higher rates of delinquency and default in the downturn. These estimated differences are especially pronounced for loans originated near the peak of the housing boom. These findings suggest that black and Hispanic homeowners drawn into the market near the peak were especially vulnerable to adverse economic shocks and raise concerns about homeownership as a mechanism for reducing racial disparities in wealth. (JEL D14, J15, R23, R31, R38)
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Suggested Citation

  • Patrick Bayer & Fernando Ferreira & Stephen L. Ross, 2017. "The Vulnerability of Minority Homeowners in the Housing Boom and Bust: Corrigendum," American Economic Journal: Economic Policy, American Economic Association, vol. 9(1), pages 344-345, February.
    • Handle: RePEc:aea:aejpol:v:9:y:2017:i:1:p:344-45
    Note: DOI: 10.1257/pol.9.1.346
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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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