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My Home Was My Castle: Evictions and Repossessions in Britain

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  • Boheim, Rene
  • Taylor, Mark P.

Abstract

Using data for 1991 to 1997 from the British Household Panel Survey we investigate the incidence of housing finance problems, evictions and repossessions. Previous research on repossessions and problematic housing debt has focused on cross-sectional data. This paper contributes uniquely to the literature by examining the sequence of household and individual events associated with housing arrears and evictions. Our results show that previous experience of financial problems have a significant and positive association with the current financial situation, and that negative financial surprises are the main route into financial difficulties, controlling for other changes such as divorce or loss of employment. We also confirm the importance of structural, financial and personal factors in determining housing payment problems. Families with higher income, where the head or his/her spouse is in work, and those with greater assets have a lower risk of experiencing problems meeting their housing costs.
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  • Boheim, Rene & Taylor, Mark P., 2000. "My Home Was My Castle: Evictions and Repossessions in Britain," Journal of Housing Economics, Elsevier, vol. 9(4), pages 287-319, December.
  • Handle: RePEc:eee:jhouse:v:9:y:2000:i:4:p:287-319
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    Cited by:

    1. Chao Tian & Roberto Quercia & Sarah Riley, 2016. "Unemployment as an Adverse Trigger Event for Mortgage Default," The Journal of Real Estate Finance and Economics, Springer, vol. 52(1), pages 28-49, January.
    2. Ana del Río & Garry Young, 2005. "The impact of unsecured debt on financial distress among British households," Working Papers 0512, Banco de España;Working Papers Homepage.
    3. Mocetti, Sauro & Viviano, Eliana, 2017. "Looking behind mortgage delinquencies," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 53-63.
    4. Aron, Janine & Muellbauer, John, 2016. "“Modelling and forecasting mortgage delinquency and foreclosure in the UK.”," Journal of Urban Economics, Elsevier, vol. 94(C), pages 32-53.
    5. Giarda, Elena, 2013. "Persistency of financial distress amongst Italian households: Evidence from dynamic models for binary panel data," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3425-3434.
    6. Feijten Peteke & Maarten van Ham, 2007. "Residential mobility and migration of the separated," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 17(21), pages 623-654, December.
    7. Janine Aron & John Muellbauer, 2010. "Modelling and Forecasting UK Mortgage Arrears and Possessions," Economics Series Working Papers 499, University of Oxford, Department of Economics.
    8. repec:kap:jrefec:v:55:y:2017:i:4:d:10.1007_s11146-016-9585-9 is not listed on IDEAS
    9. Alessio Fusco, 2016. "The Dynamics of Perceived Financial Difficulties," Journal of Happiness Studies, Springer, vol. 17(4), pages 1599-1614, August.
    10. Aron, Janine & Muellbauer, John, 2011. "Modelling and forecasting with county court data: regional mortgage possession claims and orders in England and Wales," LSE Research Online Documents on Economics 33580, London School of Economics and Political Science, LSE Library.
    11. Francesco Mariotti & Karen Mumford & Yolanda Pena-Boquete, 2015. "Household Asset-Holding Diversification in Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 48(1), pages 43-64, March.
    12. Kelly, Robert & McCann, Fergal, 2016. "Some defaults are deeper than others: Understanding long-term mortgage arrears," Journal of Banking & Finance, Elsevier, vol. 72(C), pages 15-27.
    13. McCarthy, Yvonne, 2011. "Behavioural Characteristics and Financial Distress," Research Technical Papers 6/RT/11, Central Bank of Ireland.
    14. Gerardi, Kristopher & Herkenhoff, Kyle F. & Ohanian, Lee E. & Willen, Paul S., 2013. "Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default," FRB Atlanta Working Paper 2013-04, Federal Reserve Bank of Atlanta, revised 01 Jun 2017.
    15. repec:eee:asieco:v:56:y:2018:i:c:p:1-23 is not listed on IDEAS
    16. Burcu Duygan-Bump & Charles Grant, 2008. "Household debt repayment behaviour: what role do institutions play?," Risk and Policy Analysis Unit Working Paper QAU08-3, Federal Reserve Bank of Boston.
    17. David ARISTEI & Manuela Gallo, 2012. "The Drivers of Household Over-Indebtedness and Delinquency on Mortgage Loans: Evidence from Italian Microdata," Quaderni del Dipartimento di Economia, Finanza e Statistica 105/2012, Università di Perugia, Dipartimento Economia.
    18. Chao Yue Tian & Roberto G. Quercia & Sarah Riley, 2016. "Unemployment as an Adverse Trigger Event for Mortgage Default," The Journal of Real Estate Finance and Economics, Springer, vol. 52(1), pages 28-49, January.
    19. Orla May & Merxe Tudela, 2005. "When is mortgage indebtedness a financial burden to British households? A dynamic probit approach," Bank of England working papers 277, Bank of England.
    20. McCann, Fergal, 2014. "Modelling default transitions in the UK mortgage market," Research Technical Papers 18/RT/14, Central Bank of Ireland.
    21. Felipe Martínez & Rodrigo Cifuentes & Carlos Madeira & Rubén Poblete-Cazenave, 2013. "Measurement of Household Financial Risk with the Survey of Household Finances," Working Papers Central Bank of Chile 682, Central Bank of Chile.
    22. Michalis Petrides & Alex Karagrigoriou, 2008. "Determinants of Debt: An Econometric Analysis Based on the Cyprus Survey of Consumer Finances," Financial Theory and Practice, Institute of Public Finance, vol. 32(1), pages 45-64.
    23. Brown, Sarah & Ghosh, Pulak & Taylor, Karl, 2014. "The existence and persistence of household financial hardship: A Bayesian multivariate dynamic logit framework," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 285-298.
    24. Taylor, Mark P. & Pevalin, David J. & Todd, Jennifer, 2006. "The psychological costs of unsustainable housing commitments," ISER Working Paper Series 2006-08, Institute for Social and Economic Research.
    25. Sarah Brown & Pulak Ghosh & Karl Taylor, 2012. "The Existence and Persistence of Household Financial Hardship," Working Papers 2012022, The University of Sheffield, Department of Economics.

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