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The Impact of Foreclosure Delay on U.S. Employment

Author

Listed:
  • Kyle Herkenhoff

    (University of Minnesota)

  • Lee Ohanian

    (UCLA)

Abstract

This paper studies the impact of foreclosure delay on the U.S. labor market. We first document that the average time required to initiate and complete a home foreclosure rose from 9 months prior to the Great Recession to 15 months during the Great Recession and afterward. We also document that many borrowers in foreclosure ultimately exit foreclosure and keep their homes by making up for missed mortgage payments. These two observations leads us to analyze the impact of foreclosure delay as an implicit credit line from a lender to a borrower (mortgagor). We develop a search model in which foreclosure delay provides unemployed mortgagors with additional time to search for high-paying jobs. We find that foreclosure delay decreases the employment rate among mortgagors by about 0.75 percentage points, it doubles the stock of delinquent mortgages, it increases the homeownership rate by 0.3 percentage points, and it also increases job match quality. Severe foreclosure delay, in which the time to foreclose rose to 24 months in Florida and New Jersey, depresses mortgagor employment by up to 1.3 percentage points. We also find that the impact of foreclosure delay on employment is roughly equivalent to a 4–6 month extension of unemployment benefits. (Copyright: Elsevier)

Suggested Citation

  • Kyle Herkenhoff & Lee Ohanian, 2019. "The Impact of Foreclosure Delay on U.S. Employment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 63-83, January.
  • Handle: RePEc:red:issued:18-242
    DOI: 10.1016/j.red.2018.11.002
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    Cited by:

    1. Kyle F Herkenhoff, 2019. "The Impact of Consumer Credit Access on Unemployment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(6), pages 2605-2642.
    2. Drozd, Lukasz A. & Serrano-Padial, Ricardo, 2018. "Financial contracting with enforcement externalities," Journal of Economic Theory, Elsevier, vol. 178(C), pages 153-189.
    3. Ji, Yan, 2021. "Job Search under Debt: Aggregate Implications of Student Loans," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 741-759.
    4. Nathaniel Pattison, 2024. "Landlords as Lenders of Last Resort? Late Housing Payments During Unemployment," Departmental Working Papers 2401, Southern Methodist University, Department of Economics.
    5. Vicki Been & Ingrid Ellen & David N. Figlio & Ashlyn Nelson & Stephen Ross & Amy Ellen Schwartz & Leanna Stiefel, 2021. "The Effects of Negative Equity on Children’s Educational Outcomes," NBER Working Papers 28428, National Bureau of Economic Research, Inc.
    6. Brown, Jennifer & Matsa, David A., 2020. "Locked in by leverage: Job search during the housing crisis," Journal of Financial Economics, Elsevier, vol. 136(3), pages 623-648.
    7. Gelman, Michael & Kariv, Shachar & Shapiro, Matthew D. & Silverman, Dan & Tadelis, Steven, 2020. "How individuals respond to a liquidity shock: Evidence from the 2013 government shutdown," Journal of Public Economics, Elsevier, vol. 189(C).
    8. Lukasz A. Drozd & Ricardo Serrano-Padial, 2017. "Credit Enforcement Cycles," Working Papers 17-27, Federal Reserve Bank of Philadelphia.
    9. Hedlund, Aaron, 2018. "Credit constraints, house prices, and the impact of life cycle dynamics," Economics Letters, Elsevier, vol. 171(C), pages 202-207.
    10. Kim, Jiseob, 2019. "How foreclosure delays impact mortgage defaults and mortgage modifications," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 18-37.

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    More about this item

    Keywords

    Employment; Mortgage default; foreclosure; Business cycles;
    All these keywords.

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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