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| Author: | Marschoun, M. |
| Title: | Availability of mortgage loans in volatile real estate markets |
| Journal: | Journal of Urban Economics
2000 : MAY, VOL. 47:3, p. 443-469 |
| Index terms: | MORTGAGES LOANS PROPERTY |
| Language: | eng |
| Abstract: | This paper presents a default model for mortgages on single-family houses implying a higher probability of negative equity and thus default in real estate markets with high price volatility. Mortgage lenders compensate for the increased default probability in volatile markets by demanding higher downpayments or increased creditworthiness of loan applicants, thus making mortgage loans more difficult to obtain. |
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