Full Citation

Title: Bowling alone, buying alone: The decline of co-borrowers in the US mortgage market

Citation Type: Journal Article

Publication Year: 2022

ISBN:

ISSN: 1051-1377

DOI: 10.1016/J.JHE.2022.101876

NSFID:

PMCID:

PMID:

Abstract: This paper documents stylized and empirical facts associated with co-borrowers in the US mortgage market since the early 1990s. The share of mortgages with a co-borrower has declined dramatically across different income and demographic groups. We show that this decline, despite being a universal phenomenon across the US, evinces significant regional heterogeneity which contributes to the divergence in local mortgage markets outcomes. Regions with a lower co-borrower share have higher mortgage default rates. Further, in an event of an adverse shock, regions with a low share of mortgages with a co-borrower experience persistently lower house price growth, and lower purchase and refinance mortgage growth.

Url: https://www.sciencedirect.com/science/article/pii/S1051137722000481

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Authors: Jakučionytė, Eglė; Singh, Swapnil

Periodical (Full): Journal of Housing Economics

Issue: B

Volume: 58

Pages: 1-16

Data Collections: IPUMS NHGIS

Topics: Housing and Segregation

Countries: