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An Ethnic Roller Coaster: Disparate Impacts of the Housing Boom and Bust

Listed author(s):
  • Olga Gorbachev

    ()

    (Department of Economics, University of Delaware)

  • Brendan O'Flaherty

    ()

    (Department of Economics, Columbia University)

  • Rajiv Sethi

    ()

    (Department of Economics, Columbia University)

Wealth in the US rose and fell precipitously during the first decade of this century, with volatility in Hispanic wealth being especially extreme. We document and account for this disparity. During the boom, Hispanic wealth rose faster primarily because Hispanics lived in cities with surging home values; within cities they did no better than others. But during the bust, Hispanics did worse, even within cities. This pattern is linked to immigration status, and the virtual exclusion of undocumented immigrants from the mortgage market at the beginning of the recession is a key factor in accounting for differences in wealth trajectories.

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File URL: http://www.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2016/UDWP2016-04.pdf
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Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 16-04.

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Length: 62 pages
Date of creation: 2016
Handle: RePEc:dlw:wpaper:16-04
Contact details of provider: Postal:
Purnell Hall, Newark, Delaware 19716

Phone: (302) 831-2565
Fax: (302) 831-6968
Web page: http://lerner.udel.edu/departments/economics/department-economics/

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References listed on IDEAS
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  1. Joseph G. Altonji & Ulrich Doraszelski, 2005. "The Role of Permanent Income and Demographics in Black/White Differences in Wealth," Journal of Human Resources, University of Wisconsin Press, vol. 40(1).
  2. Albert Saiz & Susan Wachter, 2011. "Immigration and the Neighborhood," American Economic Journal: Economic Policy, American Economic Association, vol. 3(2), pages 169-188, May.
  3. repec:ucp:bkecon:9780226081946 is not listed on IDEAS
  4. Jacob W. Faber & Ingrid Gould Ellen, 2016. "Race and the Housing Cycle: Differences in Home Equity Trends Among Long-Term Homeowners," Housing Policy Debate, Taylor & Francis Journals, vol. 26(3), pages 456-473, May.
  5. Patricia Andreski & Geng Li & Mehmet Zahid Samancioglu & Robert Schoeni, 2014. "Estimates of Annual Consumption Expenditures and Its Major Components in the PSID in Comparison to the CE," American Economic Review, American Economic Association, vol. 104(5), pages 132-135, May.
  6. Eileen Diaz McConnell & Enrico A. Marcelli, 2007. "Buying into the American Dream? Mexican Immigrants, Legal Status, and Homeownership in Los Angeles County," Social Science Quarterly, Southwestern Social Science Association, vol. 88(1), pages 199-221.
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