The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012

META BROWN, SARAH STEIN, BASIT ZAFAR

doi:10.1111/jmcb.12198

The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012

DOI Web Site Web Site 被引用文献1件

書誌事項

公開日: 2015-03

権利情報

http://onlinelibrary.wiley.com/termsAndConditions#vor

DOI

10.1111/jmcb.12198

公開者: Wiley

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説明

<jats:p>We estimate the response of consumer debt portfolios to pronounced housing market swings from 1999 to 2012 using Equifax‐sourced credit report data and a variety of identification approaches. We find: (i) the extraordinary climb in home equity debt from 2002 to 2006 is an expression of a stable, longer‐term relationship between house price growth and home equity borrowing; (ii) all preboom homeowners, and older and prime postboom homeowners, demonstrate near dollar‐for‐dollar substitution between (expensive) credit card and (cheap) home equity debt in response to home equity changes; and (iii) little evidence of substitution between home equity and student loan debt.</jats:p>