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Negative equity and wages
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DOI：10.1016/j.regsciurbeco.2013.08.005.png)
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We examine the relationship between housing equity and wage earnings using nine waves of the national American Housing Survey from 1985 to 2003. Employing a rich set of time and place controls, a synthetic mortgage instrumental variable strategy, and a first difference estimator we find that people underwater on their mortgage command a significantly lower wage than other homeowners. The finding survives a number of robustness checks for reverse causality and unobserved heterogeneity. We also explore other determinants of house lock including loss aversion, a low existing mortgage interest rate and property tax assessment caps, but do not find these factors mitigate the effect of negative equity on wages. (C) 2013 Elsevier B.V. All rights reserved.
Keyword:
Negative equity
Wages
Mortgage default
Housing
Mobility
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THE CONSEQUENCES OF MORTGAGE CREDIT EXPANSION: EVIDENCE FROM THE US MORTGAGE DEFAULT CRISIS抵押贷款信贷扩张的后果: 来自美国抵押贷款违约危机的证据
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