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Residential Mobility and Mortgages

  • Sewin Chan
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    Mortgage applications are a detailed and accurate source of household information that is verified by underwriters, making it a more accurate data source than self-reported survey answers. This paper discusses how mortgage data can be applied to areas of economics outside mortgage finance. As a supplement to variables from the application form, the self-selection of mortgage points is used to infer expected mobility. A duration model of housing spells is estimated, and the points indicator is shown to be highly significant in predicting mobility for low loan-to-value borrowers. The findings demonstrate the potential fruitfulness of using this new data source.

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    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5181.

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    Date of creation: Jul 1995
    Date of revision:
    Publication status: published as Regional Science & Urban Economics, vol. 26, no. 3-4, pp. 287-311, June 1996
    Handle: RePEc:nbr:nberwo:5181
    Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
    Phone: 617-868-3900
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    1. Bartel, Ann P, 1979. "The Migration Decision: What Role Does Job Mobility Play?," American Economic Review, American Economic Association, vol. 69(5), pages 775-86, December.
    2. Genesove, D. & Mayer, C.J., 1994. "Equity and Time to Sale in the Real Estate Market," Working papers 94-02, Massachusetts Institute of Technology (MIT), Department of Economics.
    3. Quigley, John M, 1987. "Interest Rate Variations, Mortgage Prepayments and Household Mobility," The Review of Economics and Statistics, MIT Press, vol. 69(4), pages 636-43, November.
    4. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416.
    5. Stein, Jeremy C, 1995. "Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 379-406, May.
    6. Andrew Caplin & Charles Freeman & Joseph Tracy, 1993. "Collateral Damage: How Refinancing Constraints Exacerbate Regional Recessions," NBER Working Papers 4531, National Bureau of Economic Research, Inc.
    7. Oskar R. Harmon & Michael J. Potepan, 1988. "Housing Adjustment Costs: Their Impact on Mobility and Housing Demand Elasticities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 459-478.
    8. Borjas, George J. & Bronars, Stephen G. & Trejo, Stephen J., 1992. "Self-selection and internal migration in the United States," Journal of Urban Economics, Elsevier, vol. 32(2), pages 159-185, September.
    9. Nakagami, Yasuhiro & Pereira, Alfredo M., 1991. "Housing appreciation, mortgage interest rates, and homeowner mobility," Journal of Urban Economics, Elsevier, vol. 30(3), pages 271-292, November.
    10. Kiel, Katherine A., 1994. "The Impact of House Price Appreciation on Household Mobility," Journal of Housing Economics, Elsevier, vol. 3(2), pages 92-108, June.
    11. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
    12. Henderson, J. Vernon & Ioannides, Yannis M., 1989. "Dynamic aspects of consumer decisions in housing markets," Journal of Urban Economics, Elsevier, vol. 26(2), pages 212-230, September.
    13. Gronberg, Timothy J. & Reed, W. Robert, 1992. "Estimation of duration models using the Annual Housing Survey," Journal of Urban Economics, Elsevier, vol. 31(3), pages 311-324, May.
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