High Leverage and Willingness to Pay: Evidence from the Residential Housing Market

被引：3

作者：

Ben-David, Itzhak ^{[1
,2
]}

机构：

[1] Ohio State Univ, Dept Finance, Fisher Coll Business, 700D Fisher Hall,2100 Neil Ave, Columbus, OH 43210 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

来源：

REAL ESTATE ECONOMICS | 2019年 / 47卷 / 03期

关键词：

DEFAULT; CONSTRAINTS; INFORMATION; NETWORKS; AGENTS;

D O I：

10.1111/1540-6229.12234

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I document a strong correlation between paying the full listing price on homes and borrowing 100% loan-to-value. Homebuyers who do both overpay by 2.8% to 3.9% ($4,800 to $6,700) and are 22.7% more likely to have their properties foreclosed within one year. The correlation is not mechanical: there is a discontinuity in the average leverage around the full listing price. The correlation is stronger in areas with a high fraction of financially constrained and unsophisticated residents, and in areas of high past price growth (potentially indicative of buyer optimism).

引用

页码：643 / 684

页数：42

共 36 条

[1] Liquidity Constraints and Imperfect Information in Subprime Lending [J].