What Did We Learn About the Effect of Credit on Homeownership in the Last Cycle? Lessons and Implications

Luis Mejia and Omena Ubogu

Journal of Real Estate Practice and Education, 2013, vol. 16, issue 1, 13-28

Abstract: This paper discusses how the recent credit supply cycle affected the homeownership rate. Excess credit played a role in the formation of the homeownership bubble, which caused significant market volatility and distress. As credit returns, home buying may become a preferred choice again. This paper reviews what we know and what we learned about the effect of credit supply on homeownership during the recent crisis. Understanding the lessons and implications of the last housing downturn is important to evaluate more effectively the opportunities and challenges that the next cycle presents.

Date: 2013
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DOI: 10.1080/10835547.2013.12091718

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