Housing Busts and Household Mobility ∗

  title={Housing Busts and Household Mobility ∗},
  author={Fernando Ferreira and Joseph Gyourko and Joseph S. Tracy},
Using two decades of American Housing Survey data from 1985 to 2007, we revisit the literature on lock-in effects and provide new estimates of the impacts of negative equity and rising interest rates on the mobility of owners. Both lead to substantially lower mobility rates. Owners suffering from negative equity are one-third less mobile, and every added $1000 in real annual mortgage costs lowers mobility by about 12%. Our results cannot simply be extrapolated to the future, but they do have… CONTINUE READING
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