Real estate investors and the U.S. housing recovery
研究了2006-2012年美国房价下跌后，投资者（尤其是公司投资者）如何通过购买止赎房产推动房价复苏，同时导致住房拥有率下降。
Abstract U.S. house prices fell nearly 30% between 2006 and 2012. Meanwhile, homeownership rates declined as mortgage credit supply tightened and investors bought up properties. Although nationally house prices recovered to prebust levels by 2016, homeownership rates declined through mid‐2016, as investors, particularly those purchasing through corporations, gained market share. By exploiting heterogeneity in zip codes' exposure to Fannie Mae and Freddie Mac programs that affected investors' access to foreclosed properties, we find that increased presence of investors explains a significant fraction of the house price recovery. Investors reduced vacancies and shortened the time foreclosed properties spent in bank ownership.