Political environments and labour market opportunities as contributors to housing indebtedness: a US state-level analysis

Kevin T. Leicht

Cambridge Journal of Regions, Economy and Society, 2011, vol. 5, issue 1, 61-75

Abstract: In this paper, I suggest that one creator of state-level economic inequalities is the ability to accumulate personal debt through home mortgage financing schemes. My analysis assesses the extent to which local political environments and labour market opportunities are systematically related to housing distress in the 48 continental United States. The results suggest that poor labour market opportunities, a dirth of community social capital and concentrated corporate political elites contribute to state-level housing distress. The paper concludes by arguing that easily available consumer credit reflects a flight from the economic fundamentals of tying consumption to steady jobs and productivity-enhanced wage growth. Copyright 2011, Oxford University Press.

Date: 2011
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Cambridge Journal of Regions, Economy and Society is currently edited by Judith Clifton, Anna Davies, Betsy Donald, Emil Evenhuis, Stefania Fiorentino (Associate Editor), Harry Garretsen, Meric Gertler, Amy Glasmeier, Mia Gray, Robert Hassink, Dieter Kogler, Michael Kitson, Linda Lobao, Charles van Marrewijk, Ron Martin, Peter Sunley, Peter Tyler and Chun Yang

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