Annual Conference

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Real Estate and Urban Economics

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May 2025

Cracking Down, Pricing Up: Housing Supply in the Wake of Mass Deportation

Troup HOWARD, Mengqi WANG, Dayin ZHANG
US housing markets have faced a secular shortage of housing supply in the past decade, contributing to a steady decline in housing affordability. Most supply-side explanations in the literature have tended to focus on the distortionary effect of local housing regulations. This paper provides novel e...
Keywords: Housing Supply, Construction, Home Price, Immigration, Mass Deportation
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Nonbank Growth and Local Housing Booms

Hyun-Soo CHOI, Yongheng DENG, Heejin YOON
We study the effect of uneven nonbank mortgage expansion on localized housing market dynamics. Leveraging the local conforming loan-eligible share as an instrument for nonbank credit supply, we show that increased nonbank lending drives housing booms, characterized by rapid home price appreciation, ...
Keywords: nonbank, conforming loan limit, increased local housing credit, localized home price
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Fiscal Stimulus Payments, Housing Demand, and House Price Inflation

Leming LIN
During the COVID-19 pandemic, the U.S. housing market experienced an unprecedented boom, with house prices climbing at record rates despite widespread economic disruptions. This paper studies whether the fiscal stimulus transfers— specifically the Economic Impact Payments (EIPs) and expanded Child...
Keywords: Stimulus payments, fiscal policies, housing demand, house prices, homeownership, inflation
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Cost Pass-Through and Mortgage Credit: The Case of Guarantee Fees

Ankit KALDA, Gavin PEARSON, David SOVICH
Fannie Mae and Freddie Mac charge lenders “guarantee fees” to insure mortgages against credit risk. Using changes in guarantee fees as quasi-exogenous variation, we show that lenders completely pass through cost shocks to borrowers, on average, primarily via interest rates rather than upfront fe...
Keywords: mortgage lending, interest rates, origination charges, g-fee, cost Pass-through, distributive effects
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Mortgages, Subways and Automobiles

Sumit AGARWAL, Yeow Hwee CHUA, Pulak GHOSH, Soumya GHOSH, Liuyang SHE
We examine the impact of subway expansions on mortgage repayment behavior in Delhi, India. Using administrative data from one of India’s largest mortgage lenders, we estimate that households in postal codes with newly opened stations experience a 4.42% decrease in mortgage delinquencies and a 1.38...
Keywords: Subway, Public Transit, Household Finance, Mortgage, Delinquency, Prepayment, Financial Constraints, Inequality
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