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Real estate investors, the leverage cycle, and the housing market crisis

Citations

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Cited by:

  1. Pascal Kundig & Fabio Sigrist, 2024. "A Spatio-Temporal Machine Learning Model for Mortgage Credit Risk: Default Probabilities and Loan Portfolios," Papers 2410.02846, arXiv.org.
  2. Benítez-Silva, Hugo & Eren, Selçuk & Heiland, Frank & Jiménez-Martín, Sergi, 2015. "How well do individuals predict the selling prices of their homes?," Journal of Housing Economics, Elsevier, vol. 29(C), pages 12-25.
  3. John Geanakoplos & Robert Axtell & J. Doyne Farmer & Peter Howitt & Benjamin Conlee & Jonathan Goldstein & Matthew Hendrey & Nathan M. Palmer & Chun-Yi Yang, 2012. "Getting at Systemic Risk via an Agent-Based Model of the Housing Market," American Economic Review, American Economic Association, vol. 102(3), pages 53-58, May.
  4. Fernando Ferreira & Joseph Gyourko, 2015. "A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012," NBER Working Papers 21261, National Bureau of Economic Research, Inc.
  5. Jung Sakong, 2021. "Effect of Ownership Composition on Property Prices and Rents: Evidence from Chinese Investment Boom in US Housing Markets," Working Paper Series WP-2021-12, Federal Reserve Bank of Chicago.
  6. Alina Bartscher & Moritz Kuhn & Moritz Schularick & Ulrike Steins, 2025. "The Distribution of Household Debt in the United States, 1950-2022," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
  7. Alina K. Bartscher & Moritz Kuhn & Moritz Schularick & Ulrike I. Steins, 2020. "Modigliani Meets Minsky: Inequality, Debt, and Financial Fragility in America, 1950-2016," Staff Reports 924, Federal Reserve Bank of New York.
  8. Andrea Ferrero, 2015. "House Price Booms, Current Account Deficits, and Low Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S1), pages 261-293, March.
  9. Xintong Yang & Yu Zhang & Qi Li, 2021. "The role of price spillovers: what is different in China," Empirical Economics, Springer, vol. 60(1), pages 459-485, January.
  10. Bank for International Settlements, 2012. "Operationalising the selection and application of macroprudential instruments," CGFS Papers, Bank for International Settlements, number 48.
  11. Albanesi, Stefania & DeGiorgi, Giacomo & Nosal, Jaromir, 2022. "Credit growth and the financial crisis: A new narrative," Journal of Monetary Economics, Elsevier, vol. 132(C), pages 118-139.
  12. DeFusco, Anthony A. & Nathanson, Charles G. & Zwick, Eric, 2022. "Speculative dynamics of prices and volume," Journal of Financial Economics, Elsevier, vol. 146(1), pages 205-229.
  13. Sheng Guo, 2022. "What Did Homeowners Do with Home Equity Borrowing? Contemporaneous and Long‐Term Effects," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(8), pages 2445-2475, December.
  14. Leung, Charles Ka Yui & Tse, Chung-Yi, 2017. "Flipping in the housing market," Journal of Economic Dynamics and Control, Elsevier, vol. 76(C), pages 232-263.
  15. ÅžimÅŸek, Alp, 2021. "The Macroeconomics of Financial Speculation," CEPR Discussion Papers 15733, C.E.P.R. Discussion Papers.
  16. Griffin, John M. & Kruger, Samuel & Maturana, Gonzalo, 2021. "What drove the 2003–2006 house price boom and subsequent collapse? Disentangling competing explanations," Journal of Financial Economics, Elsevier, vol. 141(3), pages 1007-1035.
  17. Jason Bram, 2012. "To buy or not to buy? The changing relationship between Manhattan rents and home prices," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 18(Dec).
  18. Alice Henriques Volz, 2013. "Are homeowners in denial about their house values? comparing owner perceptions with transaction-based indexes," Finance and Economics Discussion Series 2013-79, Board of Governors of the Federal Reserve System (U.S.).
  19. Patrick Bayer & Fernando Ferreira & Stephen L. Ross, 2016. "The Vulnerability of Minority Homeowners in the Housing Boom and Bust," American Economic Journal: Economic Policy, American Economic Association, vol. 8(1), pages 1-27, February.
  20. Andreas Fuster & Paul S. Willen, 2017. "Payment Size, Negative Equity, and Mortgage Default," American Economic Journal: Economic Policy, American Economic Association, vol. 9(4), pages 167-191, November.
  21. Yuliyan Mitkov & Ulrich Schüwer, 2021. "Unequal andunstable: income inequality and bank risk," ECONtribute Discussion Papers Series 012, University of Bonn and University of Cologne, Germany.
  22. James Mills & Raven Molloy & Rebecca Zarutskie, 2019. "Large‐Scale Buy‐to‐Rent Investors in the Single‐Family Housing Market: The Emergence of a New Asset Class," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(2), pages 399-430, June.
  23. Christopher Hansman & Harrison Hong & Wenxi Jiang & Yu-Jane Liu & Juan-Juan Meng, 2018. "Effects of Credit Expansions on Stock Market Booms and Busts," NBER Working Papers 24586, National Bureau of Economic Research, Inc.
  24. Bäckman, Claes & Lutz, Chandler, 2025. "Mortgage innovation and house price booms," Journal of Urban Economics, Elsevier, vol. 145(C).
  25. Patrick Bayer & Fernando Ferreira & Stephen L. Ross, 2016. "The Vulnerability of Minority Homeowners in the Housing Boom and Bust," American Economic Journal: Economic Policy, American Economic Association, vol. 8(1), pages 1-27, February.
  26. Yongzhi Sun & Qiong Ma & Li Gan, 2024. "The Impact of Curbing Housing Speculation on Household Entrepreneurship in China," Sustainability, MDPI, vol. 16(5), pages 1-29, February.
  27. Bin Wei & Feng Zhao, 2022. "Racial Disparities in Mortgage Lending: New Evidence Based on Processing Time," FRB Atlanta Working Paper 2022-1, Federal Reserve Bank of Atlanta.
  28. Tomasz Piskorski & Amit Seru & James Witkin, 2015. "Asset Quality Misrepresentation by Financial Intermediaries: Evidence from the RMBS Market," Journal of Finance, American Finance Association, vol. 70(6), pages 2635-2678, December.
  29. Yuming Fu & Wenlan Qian & Bernard Yeung, 2016. "Speculative Investors and Transactions Tax: Evidence from the Housing Market," Management Science, INFORMS, vol. 62(11), pages 3254-3270, November.
  30. Daniel Covitz & Nellie Liang & Tobias Adrian, 2015. "Financial Stability Monitoring," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 357-395, December.
  31. Rohan Ganduri & Steven Chong Xiao & Serena Wenjing Xiao, 2023. "Tracing the source of liquidity for distressed housing markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(2), pages 408-440, March.
  32. Fischer, Andreas & Zachmann, Lucca, 2020. "The effect of self-financed property buyers on local house prices," CEPR Discussion Papers 14632, C.E.P.R. Discussion Papers.
  33. Harold H. Zhang & Feng Zhao & Xiaofei Zhao, 2024. "Neglected Risks in the Communication of Residential Mortgage‐Backed Securities Offerings," Journal of Finance, American Finance Association, vol. 79(1), pages 129-172, February.
  34. Conklin, James N. & Frame, W. Scott & Gerardi, Kristopher & Liu, Haoyang, 2022. "Villains or scapegoats? The role of subprime borrowers in driving the U.S. housing boom," Journal of Financial Intermediation, Elsevier, vol. 51(C).
  35. Korevaar, Matthijs, 2023. "Reaching for yield and the housing market: Evidence from 18th-century Amsterdam," Journal of Financial Economics, Elsevier, vol. 148(3), pages 273-296.
  36. Andrew Hertzberg, 2018. "A Theory of Disclosure in Speculative Markets," Management Science, INFORMS, vol. 64(12), pages 5787-5806, December.
  37. Nitzan Tzur-Ilan, 2018. "LTV Limits and Borrower Risk," Bank of Israel Working Papers 2018.12, Bank of Israel.
  38. Peter Rosenblatt & Steven J. Sacco, 2018. "Investors and the Geography of the Subprime Housing Crisis," Housing Policy Debate, Taylor & Francis Journals, vol. 28(1), pages 94-116, January.
  39. Bhutta, Neil, 2015. "The ins and outs of mortgage debt during the housing boom and bust," Journal of Monetary Economics, Elsevier, vol. 76(C), pages 284-298.
  40. Jeffrey P. Cohen & John P. Harding, 2023. "The Bargaining and Contagion Effects of Investors in Single Family Residential Properties: The Case of Denver Colorado," The Journal of Real Estate Finance and Economics, Springer, vol. 67(1), pages 29-64, July.
  41. Elliot Anenberg & Aurel Hizmo & Edward Kung & Raven Molloy, 2019. "Measuring mortgage credit availability: A frontier estimation approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 34(6), pages 865-882, September.
  42. Lauren Lambie‐Hanson & Wenli Li & Michael Slonkosky, 2022. "Real estate investors and the U.S. housing recovery," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(6), pages 1425-1461, November.
  43. Alina K. Bartscher & Moritz Kuhn & Moritz Schularick & Ulrike I. Steins, 2020. "The Distribution of Household Debt in the United States, 1950-2019," ECONtribute Discussion Papers Series 015, University of Bonn and University of Cologne, Germany.
  44. Carlos Garriga & Athena Tsouderou & Pedro Gete, 2019. "Housing Dynamics without Homeowners. The Role of I," 2019 Meeting Papers 1407, Society for Economic Dynamics.
  45. Therese C. Scharlemann & Stephen H. Shore, 2015. "The Effect of Negative Equity on Mortgage Default: Evidence from HAMP PRA," Working Papers 15-06, Office of Financial Research, US Department of the Treasury.
  46. Manuel Adelino & W. Ben McCartney & Antoinette Schoar, 2020. "The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market," Working Papers 20-40, Federal Reserve Bank of Philadelphia.
  47. Deng, Kuang Kuang & Lang, Henan & Zhou, Xiaoxia, 2022. "Extrapolation and house price overreaction: Evidence from local jurisdiction mergers," Finance Research Letters, Elsevier, vol. 44(C).
  48. Patrick Bayer & Kyle Mangum & James W. Roberts, 2021. "Speculative Fever: Investor Contagion in the Housing Bubble," American Economic Review, American Economic Association, vol. 111(2), pages 609-651, February.
  49. Sumit Agarwal & Yongheng Deng & Chenxi Luo & Wenlan Qian, 2016. "The Hidden Peril: The Role of the Condo Loan Market in the Recent Financial Crisis," Review of Finance, European Finance Association, vol. 20(2), pages 467-500.
  50. Neil Bhutta, 2012. "Mortgage debt and household deleveraging: accounting for the decline in mortgage debt using consumer credit record data," Finance and Economics Discussion Series 2012-14, Board of Governors of the Federal Reserve System (U.S.).
  51. Heimer, Rawley & Simsek, Alp, 2019. "Should retail investors’ leverage be limited?," Journal of Financial Economics, Elsevier, vol. 132(3), pages 1-21.
  52. Alina Bartscher & Moritz Kuhn & Moritz Schularick & Ulrike Steins, 2025. "The Distribution of Household Debt in the United States, 1950-2022," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
  53. George S. Atsalakis & Eftychios E. Protopapadakis & Kimon P. Valavanis, 2016. "Stock trend forecasting in turbulent market periods using neuro-fuzzy systems," Operational Research, Springer, vol. 16(2), pages 245-269, July.
  54. Arthur Acolin & Xudong An & Raphael W. Bostic & Susan M. Wachter, 2017. "Homeownership and Nontraditional and Subprime Mortgages," Housing Policy Debate, Taylor & Francis Journals, vol. 27(3), pages 393-418, May.
  55. Glaeser, Edward L. & Nathanson, Charles G., 2015. "Housing Bubbles," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 701-751, Elsevier.
  56. Robert Hockett, 2013. "Paying Paul and robbing no one: an eminent domain solution for underwater mortgage debt," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 19(Jun).
  57. Philip Bond & Ronel Elul & Sharon Garyn-Tal & David K. Musto, 2012. "Does junior inherit? Refinancing and the blocking power of second mortgages," Working Papers 13-03, Federal Reserve Bank of Philadelphia.
  58. Neil Bhutta, 2014. "The ins and outs of mortgage debt during the housing boom and bust," Finance and Economics Discussion Series 2014-91, Board of Governors of the Federal Reserve System (U.S.).
  59. Marcus T. Allen & Jessica Rutherford & Ronald Rutherford & Abdullah Yavas, 2018. "Impact of Investors in Distressed Housing Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 56(4), pages 622-652, May.
  60. Elizabeth Strom & Steven Reader, 2013. "Rethinking Foreclosure Dynamics in a Sunbelt City: What Parcel-Level Mortgage Data Can Teach Us About Subprime Lending and Foreclosures," Housing Policy Debate, Taylor & Francis Journals, vol. 23(1), pages 59-79, January.
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