The aftermath of the general financial crisis for the ownership society: what happened to low-income homeowners in the US?a
The aftermath of the general financial crisis for the ownership society: what happened to low-income homeowners in the US?a
复制标题
所有权社会总体金融危机的后果：美国低收入房主发生了什么？
DOI：
10.1080/14616718.2013.796811
复制
发表时间：
2013
影响因子：
3.5
通讯作者：
W. Clark
中科院分区：
文献类型：
--
作者：
W. Clark
世纪后半叶是美国和欧洲住房拥有率空前增长的时期。在英国和美国，政策和政府行动的重点是增加住房所有权，作为新的“所有权社会”的一部分。在20世纪90年代和21世纪初尤其如此。现在，在全球金融危机和房地产市场崩溃之后，人们重新关注住房财富的损失，负担能力，甚至低收入和少数民族人口是否能够获得所有权。本文考察了随着政府进行大规模扩大所有权的政策实验，住房所有权的增加。本文通过考察房地产泡沫期间的人群行为和住房实验的个人结果，扩展了对住房危机的总体研究。我使用收入动态小组研究的数据来评估债务负担和负资产对所有权的影响，并得出结论，它们将对低收入和少数民族家庭进入住房市场甚至保留住房的能力产生长期影响。鉴于收入停滞和高物价，即使在最近房价下跌之后，扩大所有权社会的政策目标也难以维持。
The last half of the twentieth century was a period of unprecedented growth in homeownership in the United States and Europe. In the UK and the USA, policy and government actions were focused on increasing homeownership as part of a new ‘ownership society’. This was especially true in the 1990s and 2000s. Now, in the aftermath of the Global Financial Crisis and the housing market collapse, there is renewed concern with the loss of housing-wealth, affordability and even whether ownership will ever be attainable for low-income and minority populations. This paper examines the rise in home ownership as governments engaged in a policy experiment of greatly expanding ownership. The paper extends the aggregate studies of the housing crisis by examining population cohort behavior during the housing bubble and the individual outcomes as a result of the housing experiment. I use data from the Panel Study of Income Dynamics to evaluate the impacts of the debt burden and negative equity on ownership and conclude that they will have long-term impacts on the ability of low-income and minority households to enter the housing market or even to keep their homes. The policy goal of a broadened ownership society will be difficult to sustain in the light of stagnant incomes and high prices even after the recent decline in house values.