House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
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Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in defaults
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美国国家经济研究局创建时间：
2009-08-01
