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A Burning Question: Does Arson Increase When Local House Prices Decline?, Michael D. Eriksen, James M. Carson
A Burning Question: Does Arson Increase When Local House Prices Decline?, Michael D. Eriksen, James M. Carson
Michael D Eriksen
We construct panel data on house prices and the determined cause of 4.8 million individual fires in the United States between 1986 and 2010 to test whether decreases in local housing market prices coincided with increases in arson. Since some insured homeowners may attempt to disguise the actual cause of fire as accidental, we also examine how decreases in local house prices are associated with changes in the total number of fires and the probability of determined causes of accidental fires. For the sample period, our results suggest that declines in local house prices coincided with increases in arson, the …
Housing Vouchers And The Price Of Rental Housing, Michael D. Eriksen, Amanda Ross
Housing Vouchers And The Price Of Rental Housing, Michael D. Eriksen, Amanda Ross
Michael D Eriksen
We estimate the effect of increasing the supply of housing vouchers on rents using a panel of housing units in the American Housing Survey. We do not find that an increase in vouchers affected the overall price of rental housing, but do estimate differences in effects based on an individual unit’s rent before the voucher expansion. Our results are consistent with voucher recipients renting more expensive units after receiving the subsidy. We also find that the largest price increases were for units near the maximum allowable voucher rent in cities with an inelastic housing supply.
The Impact Of Second Loans On Subprime Mortgage Defaults, Michael D. Eriksen, James B. Kau, Donald C. Keenan
The Impact Of Second Loans On Subprime Mortgage Defaults, Michael D. Eriksen, James B. Kau, Donald C. Keenan
Michael D Eriksen
An estimated 12.6% of primary mortgage loans were simultaneously originated with a second loan from 2004 until 2008, although relatively little is known about how the presence of such subordinate loans affects the default decisions of borrowers. We use a novel data series of loan servicing records from 2002 until 2010 to identify such borrowers and find evidence that the default behavior of these borrowers significantly differs from borrowers without second loans. Estimating a discrete-time proportional odds hazard model, we find borrowers with a second loan were 62.7% more likely to default each month on their primary loan when conditioning …