The Postforeclosure Experience of U.S. Households
利用1999-2010年个人信用报告面板数据，研究美国住房抵押贷款止赎后家庭的迁移与居住条件变化，发现多数家庭并未显著迁入更差社区或更拥挤住房，表明止赎对住房消费的冲击有限。
Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers’ households after their mortgages have been foreclosed. We study the postforeclosure experience of U.S. households using a unique data set based on the credit reports of a large panel of individuals from 1999 to 2010. Although foreclosure considerably raises the probability of moving, the majority of postforeclosure migrants do not end up in substantially less desirable neighborhoods or more crowded living conditions. These results suggest that, on average, foreclosure does not impose an economic burden large enough to severely reduce housing consumption.