Racial Disparities in Housing Returns
نویسندگان
چکیده
We document the existence of a racial gap in realized housing returns that is an order magnitude larger than disparities arising from costs alone, and driven almost entirely by differences distressed home sales (i.e. foreclosures short sales). Black Hispanic homeowners are both more likely to experience sale live neighborhoods where erase house value. Importantly, absent financial distress, houses owned minorities do not appreciate at slower rates non-minorities. Racial income stability liquid wealth explain large share distress. use quasi-experimental variation loan modifications show policies restructure mortgages for can increase reduce gap.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3935503