MARC Record from Library of Congress

LEADER: 02404nam a22003017a 4500
001 2011657345
003 DLC
005 20111201162603.0
007 cr |||||||||||
008 111201s2011 mau sb 000 0 eng
010 $a 2011657345
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aFerreira, Fernando.
245 10 $aHousing busts and household mobility$h[electronic resource] :$ban update /$cFernando Ferreira, Joseph Gyourko, Joseph Tracy.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2011.
490 1 $aNBER working paper series ;$vworking paper 17405
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 12/1/2011.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper provides updated estimates of the impact of three financial frictions - negative equity, mortgage lock-in, and property tax lock-in - on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves in response to Schulhofer-Wohl's (2011) critique of our earlier work (Ferreira, Gyourko and Tracy (2010)). Our updated estimates corroborate our previous results: negative equity reduces household mobility by 30 percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10%-16%. Schulhofer-Wohl's finding of a slight positive correlation between mobility and negative equity appears due to a large fraction of false positives, as his coding methodology has the propensity to misclassify almost half of the additional moves it identifies relative to our measure of permanent moves. This also makes his mobility measure dynamically inconsistent, as many transitions originally classified as a move are reclassified as a non-move when additional AHS panels become available. We conclude with directions for future research, including potential improvements to measures of household mobility"--National Bureau of Economic Research web site.
700 1 $aGyourko, Joseph.
700 1 $aTracy, Joseph.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 17405.
856 40 $uhttp://www.nber.org/papers/w17405