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A generation ago little attention was focused on low-income homeownership. Today homeownership rates among under-served groups, including low-income households and minorities, have risen to record levels. These groups are no longer at the margin of the housing market; they have benefited from more flexible underwriting standards and greater access to credit. However, there is still a racial/ethnic gap and the homeownership rates of minority and low-income households are still well below the national average. This volume gathers the observations of housing experts on low-income homeownership and its effects on households and communities. The book is divided into five chapters which focus on the following subjects: homeownership trends in the 1990s; overcoming borrower constraints; financial returns to low-income homeowners; low-income loan performance; and the socioeconomic impact of homeownership.

Generation Priced Out is a call to action on one of the most talked-about issues of our time: how skyrocketing rents and home values are pricing the working and middle classes out of urban America. Randy Shaw tells the powerful stories of tenants, politicians, homeowner groups, developers, and activists in over a dozen cities impacted by the national housing crisis. From San Francisco to New York, Seattle to Denver, and Los Angeles to Austin, Generation Priced Out challenges progressive cities to reverse rising economic and racial inequality.   Shaw exposes how boomer homeowners restrict millennials' access to housing in big cities, a generational divide that increasingly dominates city politics. Shaw also demonstrates that neighborhood gentrification is not inevitable and presents proven measures for cities to preserve and expand their working- and middle-class populations and achieve more equitable and inclusive outcomes. Generation Priced Out is a must-read for anyone concerned about the future of urban America.  

Objectives. We aimed to determine the frequency, characteristics, and precipitating circumstances of eviction- and foreclosure-related suicides during the US housing crisis, which resulted in historically high foreclosures and increased evictions beginning in 2006. Methods. We examined all eviction- and foreclosure-related suicides in the years 2005 to 2010 in 16 states in the National Violent Death Reporting System, a surveillance system for all violent deaths within participating states that abstracts information across multiple investigative sources (e.g., law enforcement, coroners, medical examiners). Results. We identified 929 eviction- or foreclosure-related suicides. Eviction- and foreclosure-related suicides doubled from 2005 to 2010 (n = 88 in 2005; n = 176 in 2010), mostly because of foreclosure-related suicides, which increased 253% from 2005 (n = 30) to 2010 (n = 106). Most suicides occurred before the actual housing loss (79%), and 37% of decedents experienced acute eviction or foreclosure crises within 2 weeks of the suicide. Conclusions. Housing loss is a significant crisis that can precipitate suicide. Prevention strategies include support for those projected to lose homes, intervention before move-out date, training financial professionals to recognize warning signs, and strengthening population-wide suicide prevention measures during economic crises.

Widespread job losses and economic disruptions during the COVID-19 pandemic led to significant housing payment insecurity, disproportionately affecting various demographic groups and regions across the United States (US). While previous studies have explored the pandemic’s impact on housing insecurity, they all focused on specific periods, populations or areas. No study has yet provided a comprehensive analysis of inequality in housing insecurity throughout the pandemic, particularly in terms of spatial disparities. Our study addresses this gap by analyzing individual-level and aggregated data from the Household Pulse Survey (HPS) (N = 2,062,005). The findings reveal heightened vulnerability among individuals aged 40–54, those with lower education and income, Black and Hispanic/Latino populations, women, households with children, individuals who experienced job loss, the divorced, and larger households. Renters experienced greater housing insecurity than homeowners. A hotspot analysis identified the southeastern US as a region of acute housing insecurity, revealing that insecurity cannot be solely measured by affordability. The regression results show that poverty is the main reason for differences in housing insecurity across places, and rent burden is also important. The geographically weighted regression (GWR) model shows stronger coefficients in southern states, highlighting that poverty and rent burden are particularly influential factors in these areas. This study shows the multifaceted nature of housing insecurity, calling for targeted group or location policy interventions.

The strong recovery in the United States after 1940 has long been attributed to government spending: the buildup to World War II. [...]analysts have generalized that one fiscal-stimulus episode as appropriate policy whenever monetary policy is ineffective. [...]even if fiscal stimulus \"worked\" in 1940, in no sense can we infer that it would have worked in 1930!

The recent unprecedented house price boom and Great Recession have had unusual and unusually large effects on housing turnover. Nominal house prices plummeted and unemployment surged, causing housing turnover to plunge. We present an econometric model of the determinants of housing turnover for Chicago, Illinois. We use a unique database for 33 submarkets (PUMAs) of Cook County collected by the DePaul Institute for Housing Studies to measure the mortgage position of homeowners. We combine these mortgage data with PUMA data on demographic and economic variables and estimate a housing turnover relation. This relation is then used to simulate how the economic recovery affects housing turnover. The results are generalized to twelve U.S. metropolitan areas that have homeowner equity positions similar to regions in Cook County in late 2012.

Loan-to-value levels appear to have an even smaller impact, but the difficulty of controlling for changes in the pool of mortgage applications limits the value of this finding. [...] the results of our research are not meant to clear the Federal Reserve System, or anyone else, of error, but rather to emphasize that we cannot identify with any certainty what caused the boom or why it ended.

One of the most important elements of financial crises is the credit restriction that follows and the immediate consequences it has on investment and employment. In the post-Keynesian vision, an exit from economic crises frequently requires increased demand, specifically through public expenditure and employment. Furthermore, it requires the exploration of various policies and institutional reforms that could counteract the credit rationing emerging from the first moments of the financial crisis, particularly in regard to the financing of small business. This is one of the principal lessons this paper explores when studying a sample of Mexican immigrant entrepreneurs in three cities in the United States, and their conditions of survival amid the financial crisis.

This article analyzes disease-specific moral hazard effects in the demand for physician office visits and explores whether optimal insurance for physician services should be designed to have disease-specific cost sharing. Generalized method of moments is implemented to address the endogeneity of private health insurance, and the nonnegativity and the discreteness of physician services use. The results indicate that the moral hazard effect varies considerably across disease-specific specialist care. The strongest moral hazard (for no-condition related specialist visits) is almost twice the moral hazard effect of the weakest (for chronic condition related specialist visits). Although the findings indicate some variation in the moral hazard effect across disease-specific general practitioner visits, the variation is less considerable. The main policy implication is that optimal insurance for physician services should be designed to have differential cost sharing based on disease status rather than to have uniform cost sharing.

[...] there are numerous models for providing them as a public utility. [...] once a financial institution does become impaired, whether it has done so as a result of sharing in genuine losses to the economy or merely from having chosen the losing side of a zero-sum bet should matter in deciding whether its situation merits a taxpayer bailout.