期刊
REAL ESTATE ECONOMICS
卷 44, 期 3, 页码 584-605出版社
WILEY-BLACKWELL
DOI: 10.1111/1540-6229.12116
关键词
-
资金
- National Science Foundation of China [71301174]
This paper investigates the impact of -nonrecourse vs. recourse mortgages on housing price dynamics in major U.S. metropolitan statistical areas for the period from 2000 to 2013. We find evidence that -nonrecourse states experience faster price growth during the boom period (2000-2006), a sharper price drop during the bust period (2006-2009) and faster price recovery in the rebound period after a crisis (2009-2013). Moreover, the volatility of housing prices is higher in nonrecourse states than in recourse states, particularly during the rebound period.
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