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Title of Journal: J Real Estate Finan Econ

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Abbravation: The Journal of Real Estate Finance and Economics

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Springer US

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DOI

10.1016/j.ajpath.2010.11.055

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1573-045X

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Housing Tenure and Mortgage Choice

Authors: Elaine Fortowsky Michael LaCourLittle Eric Rosenblatt Vincent Yao
Publish Date: 2009/06/10
Volume: 42, Issue: 2, Pages: 162-180
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Abstract

This paper examines the relationship between housing tenure and mortgage contract We present a model showing that given expected mobility borrowers will have incentive to selfselect into the appropriate mortgage product such that their fixedrate period is directly related to their probability of moving We empirically test this hypothesis using housing tenure data derived from a large national database of repeat mortgage transactions After controlling for borrower characteristics the mobility hazards of 3/1 5/1 and 7/1 ARMs compared to a 30year fixed rate are estimated to be 28 14 and 11 higher respectively

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Other Papers In This Journal:
  1. Local Presence, Scale and Vertical Integration: Brands as Signals
  2. Dynamic Residential Housing Cycles Analysis
  3. Performance Chasing, Fund Flows and Fund Size in Real Estate Mutual Funds
  4. Real Estate Brokerage Earnings: The Role of Choice of Compensation Scheme
  5. Global Property Market Diversification
  6. The Relative Impacts of Trails and Greenbelts on Home Price
  7. Asymmetric Properties of Office Rent Adjustment
  8. Demand for Urban Quality of Living in China: Evolution in Compensating Land-Rent and Wage-Rate Differentials
  9. Optimal Phasing and Inventory Decisions for Large-Scale Residential Development Projects
  10. The Inventory-Sales Ratio and Homebuilder Return Predictability
  11. Wealth, Composition, Housing, Income and Consumption
  12. Realistic Portfolio Allocation Decision-Making For The Small U.S. Retail Investor
  13. International Direct Real Estate Risk Premiums in a Multi-Factor Estimation Model
  14. Pricing Mortgage Insurance with Asymmetric Jump Risk and Default Risk: Evidence in the U.S. Housing Market
  15. Externalities of Urban Renewal: A Real Option Perspective
  16. Private Investment, Public Aid and Endogenous Divergence in the Evolution of Urban Neighborhoods
  17. Hedging House Price Risk with CME Futures Contracts: The Case of Las Vegas Residential Real Estate
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