Low Income Homeownership Examining the Unexamined Goal

Foreword

Acknowledgements

1 Examining the Unexamined Goal

Part 1. Home Ownership in the 1990s

2 Anatomy of the Low-Income Homeownership Boom in the 1990s

3 The Industrial Structure of Affordable Morgage Lending

Part 2. Overcoming Borrowing Constraints

4 Eliminating Credit Barriers: How Far Can We Go?

5 Prepurchase Homeownership Counseling: A Little Knowledge is a Good Thing

6 Supply-Side Constraints on Low-Income Homeownership

Part 3. Returns to Homeownership

7 Asset Appreciation, Timing of Purchases and Sales, and Returns to Low-Income Homeownership

Home Price Appreciation in Low- and Moderate-Income Markets

9 Policy Implications of Portfolio Choice in Underserved Mortgage Markets

Part 4. Low-Income Loan Performance

10 Prepayment Risk and Lower-Income Mortgage Borrowers

11 Performance of Low-Income and Minority Mortgages

Performance of Community Reinvestment Loans: Implications for Secondary Market Purchases

Part 5. Socioeconomic Impacts of Homeownership

13 Social Benefits and Costs of Homeownership

14 Housing and Wealth Accumulation: Intergenerational Impacts

15 Impact of Homeownership on Child Outcomes

16 Building Homes, Reviving Neighborhoods: Spillovers from Subsidized Construction of Owner-Occupied Housing in New York City