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- Title
Homeowner Characteristics Associated With the Occurrence of Negative Home Equity.
- Authors
Green, Leslie E.; Park, Narang
- Abstract
Negative home equity is due to declines in home values, largely driven by economic factors, and increases in mortgage debt, a decision made by individuals. Yet, empirical research assessing the individual's role in the occurrence of negative home equity is limited. This study used the 2018 National Financial Capability Study to explore the association between financial literacy, savings, and debt at the individual level on the occurrence of negative home equity. The findings revealed that objective financial knowledge and financial security were negatively associated with the occurrence of negative home equity, while having a home equity loan, using a payday loan, having medical debt, and exceeding credit card limits were positively associated with the occurrence of negative home equity.
- Subjects
EQUITY (Real property); HOME equity loans; FINANCIAL literacy; PAYDAY loans; ECONOMIC impact; MEDICAL debt; CREDIT cards; FINANCIAL security
- Publication
Journal of Financial Counseling & Planning, 2022, Vol 33, Issue 3, p407
- ISSN
1052-3073
- Publication type
Article
- DOI
10.1891/JFCP-2021-0044