Financial Constraints and Inflated Home Prices during the Real Estate Boom
研究发现，在2005-2008年房地产繁荣期间，受金融约束的购房者通过虚高交易价格来获取更大抵押贷款，虚高交易在低收入社区和中介有更大利益或信息优势时更常见，且虚高价格者更易违约但利率未显著提高。
During the housing boom, financially constrained home buyers artificially inflated transaction prices in order to draw larger mortgages. Using transaction data from Illinois that includes sellers' offers to inflate prices, I estimate that in 2005–2008, up to 16 percent of highly leveraged transactions had inflated prices of up to 9 percent. Inflated transactions were common in low-income neighborhoods and when intermediaries had a greater stake or an informational advantage. Borrowers who inflated prices were more likely to default, but their mortgage rates were not materially higher. Property prices in areas with a high rate of past price inflation exhibited momentum and high volatility.