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首页> 外文期刊>The Review of Economic Studies >How Do Foreclosures Exacerbate Housing Downturns?
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How Do Foreclosures Exacerbate Housing Downturns?

机译：丧失抵押品赎回权如何加剧住房迟到？

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This article uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyse foreclosure mitigation policy.We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales volume by eroding lender equity,destroying the credit of potential buyers,and making buyers more selective.These effects cause price-default spirals that amplify an initial shock and help the model fit both national and cross-sectional moments better than a model without foreclosure.When calibrated to the recent bust,the model reveals that the amplification generated by foreclosures is significant:ruined credit and choosey buyers account for 25.4% of the total decline in non-distressed prices and lender losses account for an additional 22.6%.For policy,we find that principal reduction is less cost-effective than lender equity injections or introducing a single seller that holds foreclosures off the market until demand rebounds.We also show that policies that slow down the pace of foreclosures can be counterproductive.
机译：本文使用结构模型来表明，丧失抵押品赎回权在加剧最近的住房萧条和分析止赎减轻政策方面发挥了至关重要的作用。我们考虑了一种动态搜索模型，其中丧失抵押品冻结了非丧失抵押品市场并降低了价格和销售额侵蚀贷款人权益，摧毁潜在买家的信贷，并使买家更具选择性。这些效果导致价格 - 放大初始震荡的价格默认螺旋，并帮助模型符合国家和横截面的瞬间，而不是缺乏抵押品赎回权。当校准时到最近的萧条，案证表明，丧失抵押品赎回权产生的放大是显着的：毁灭性的信用和选择者占非痛苦价格和贷款人损失总数的25.4％，额外22.6％。我们发现主要减少比贷款人权益注射或介绍一个持有止赎所取消的卖方的成本效益市场直到需求篮板篮板。我们还表明减缓止赎速度的政策可能会对待。

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