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Moving up: trends in homeownership and mortgage indebtedness

Author

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  • Wenli Li

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.

Suggested Citation

  • Wenli Li, 2005. "Moving up: trends in homeownership and mortgage indebtedness," Business Review, Federal Reserve Bank of Philadelphia, issue Q1, pages 26-34.
  • Handle: RePEc:fip:fedpbr:y:2005:i:q1:p:26-34
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    File URL: http://www.philadelphiafed.org/research-and-data/publications/business-review/2005/q1/brq105wl.pdf
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    Cited by:

    1. Matthew Chambers & Carlos Garriga & Don E. Schlagenhauf, 2007. "Equilibrium mortgage choice and housing tenure decisions with refinancing," FRB Atlanta Working Paper 2007-25, Federal Reserve Bank of Atlanta.
    2. Matt Chambers & Carlos Garriga & Don Schlagenhauf, 2009. "The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(3), pages 444-468, July.
    3. Matthew Chambers & Carlos Garriga & Don E. Schlagenhauf, 2009. "Accounting For Changes In The Homeownership Rate," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(3), pages 677-726, August.
    4. Andrew Kish, 2006. "Perspectives on recent trends in consumer debt," Payment Cards Center Discussion Paper 06-05, Federal Reserve Bank of Philadelphia.
    5. 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.

    More about this item

    Keywords

    Home ownership ; Mortgage loans;

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