Working Paper
Temporal Focal Points and Economic Outcomes: Evidence from U.S. Mortgage Lending
WP 26-18 – Temporal focal points shape high-stakes economic outcomes. We investigate this proposition in the U.S. mortgage market by documenting novel within-month patterns in lending.
Featured Work
Working Paper
Single-Family REITs and Local Housing Markets
WP 25-37 – This paper documents the growth of single-family REITs (SF-REITs) and their (non)effects on housing markets by constructing a novel dataset of SF-REITs’ underlying properties.
Working Paper
Aging and Housing Returns
WP 25-35 – Older home sellers receive lower returns than younger home sellers. Homes sold by older people have fewer major renovations but higher rates of poor upkeep. Older sellers are also more likely to sell off-MLS (“pocket listings”) and to sell to investors, leading to lower prices.
Article
How Mortgage Lock-In Affects the Price of Housing
Economic Insights — There has never been such a huge gap between the rate homeowners pay on their current mortgage and the going rate for new mortgages. This has big implications for the housing market.