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- Title
-Nonrecourse Mortgage and Housing Price Boom, Bust, and Rebound.
- Authors
Bao, Te; Ding, Li
- Abstract
This paper investigates the impact of -nonrecourse vs. recourse mortgages on housing price dynamics in major U.S. metropolitan statistical areas for the period from 2000 to 2013. We find evidence that -nonrecourse states experience faster price growth during the boom period (2000-2006), a sharper price drop during the bust period (2006-2009) and faster price recovery in the rebound period after a crisis (2009-2013). Moreover, the volatility of housing prices is higher in nonrecourse states than in recourse states, particularly during the rebound period.
- Subjects
NONRECOURSE debt; MORTGAGES; HOME prices; STANDARD metropolitan statistical areas; MARKET volatility
- Publication
Real Estate Economics, 2016, Vol 44, Issue 3, p584
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/1540-6229.12116