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Mon, 23 Nov 2009 00:00:00 GMT
What really caused the great economic crisis of the past year? Should the Fed’s powers be stripped away, per legislation sponsored by Rep. Ron Paul that recently passed the House Financial Services Committee? In an effort to help inform the debate, Brookings Fellow Douglas Elliott and Senior Fellow Martin Baily ponder the importance of public perceptions of the causes of the crisis - and how they will affect chances of financial regulatory reform.
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Thu, 19 Nov 2009 00:00:00 GMT
The housing market, thought to finally be stabilizing, took a surprising tumble with new-home starts dropping 10.6% in October from the previous month. Ted Gayer writes that those expecting the recently extended and expanded homebuyer tax credit to improve this situation are likely to be disappointed, and that the credit may be unintentionally weakening the rental market.
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Wed, 18 Nov 2009 00:00:00 GMT
Barry Bosworth and Rosanna Smart explore the consequences of the housing price bubble and its collapse for the wealth of older households, utilizing micro survey data to follow the rise in home values to 2007 and observing which households enjoyed home price appreciation and how they responded in terms of equity withdrawal. The authors conclude that while older households mitigated their real estate and equity losses with relatively stable fixed-value assets and pension programs, they also lost much of their presumed gains relative to earlier cohorts, and they will have less time to recover.
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Tue, 17 Nov 2009 09:30:00 GMT
Event Information:
- November 17, 2009, 9:30 AM to 4:00 PM
On November 17, a day-long conference co-sponsored by Brookings and the Heritage Foundation will explore the measurement challenges associated with the recession, particularly in the financial and housing sectors; how innovation can become a standard component of our national accounting system, and how incorporating innovation metrics will aid the development of a unified picture of the sources of growth and economic disruption.
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Wed, 11 Nov 2009 00:00:00 GMT
On Wednesday, November 11, Ted Gayer and Fred Barbash participated in a live web chat on the extended homebuyer tax credit, debating whether or not President Obama should have let it expire.
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Wed, 11 Nov 2009 12:30:00 GMT
Event Information:
- November 11, 2009, 12:30 PM to 1:30 PM
President Obama approved the expansion and extension of the homebuyer tax credit initially approved as part of the economic stimulus package. While this move is intended to spur home sales, many experts argue that extending the tax credit is bad policy. On Wednesday, November 11, Ted Gayer and Politico Senior Editor Fred Barbash will be online to answer your questions about the homebuyer tax credit in a live web chat.
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Fri, 30 Oct 2009 00:00:00 GMT
In order to shore up the housing market and prevent foreclsoures, the government has instituted the Home Affordable Modification Program (HAMP). Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang and Eileen Mauskopf find that HAMP's key features should alleviate some of the previous obstacles to successful loan modifications. But, they say, the program is not well-suited to address payment problems associated with job loss, and they believe focusing on reducing payments rather than principal is ineffective when the homeowner has negative equity, with short sales being a better option.
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Wed, 14 Oct 2009 00:00:00 GMT
Ted Gayer addresses the potential cost of a home buyer tax credit in light of the Congressional Joint Committee on Taxation’s cost estimate and still concludes that the credit would be a poorly targeted subsidy, even if the program is smaller and shorter in duration.
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Tue, 13 Oct 2009 09:00:00 GMT
Event Information:
- October 13, 2009, 9:00 AM to 11:00 AM
On October 13, the Brookings Institution’s Metropolitan Policy Program hosted a panel discussion around how to best prepare and support metropolitan regions in the development of integrated blueprint plans for sustainable growth.
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Fri, 09 Oct 2009 00:00:00 GMT
The housing market, while showing some signs of recovery, is still weak, which is why policymakers are considering more ways to support it. One idea is to extend and expand the homebuyers tax credit. Ted Gayer says the proposal is misguided, poorly targeted and very expensive.
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Fri, 09 Oct 2009 00:00:00 GMT
As the $8,000 federal tax credit for first-time home buyers nears expiration, congressional leaders are considering an extension and an expansion of the program. However, Alan Berube argues that this is not only poor tax policy but also, because of regional variations in housing prices, potentially inflationary.
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Wed, 30 Sep 2009 14:56:26 GMT
New U.S. home sales were flat in August and existing home sales fell, showing that the housing sector still remains weak. Ted Gayer, co-director of Economic Studies, says there has been some housing stabilization thanks to the Federal Reserve, but that there is still downside risk in the market. Costly tax incentives to encourage homeownership have long-term budget consequences.
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Thu, 24 Sep 2009 00:00:00 GMT
Today’s existing-home sales numbers, which were below expectations, show that the housing market is still soft. Moves by the Fed to phase out its mortgage-backed security program may lead to increased mortgage interest rates, says Economic Studies Co-Director Ted Gayer. But he says the first-time homebuyer tax credit is expensive, poorly targeted and should not be extended.
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Wed, 23 Sep 2009 00:00:00 GMT
Greater Washington Research at Brookings partnered with the Brookings Metropolitan Policy Program to create the first MetroDCMonitor, a quarterly publication tracking indicators of economic recession and recovery in the Washington region and the nation’s 100 largest metropolitan areas. The report finds that the Washington area is weathering the recession comparatively well with a less volatile labor market than other metros and a healthy gross regional product. However, the housing market is weaker, and regional averages mask varying levels of economic distress throughout the area.
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Tue, 15 Sep 2009 00:00:00 GMT
A supplement to the MetroMonitor, this first edition of the Great Lakes Monitor examines the 21 largest metros in the Great Lakes region on key indicators of economic performance. It illustrates that, although Great Lakes metros have for decades shared in the struggle to retool their economies, the recession has had highly varied impacts across the region. The findings help define where and how policy makers and regional stakeholders need to focus their energies to help ensure that recovery comes—if slowly—to all parts of this complex area.
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Mon, 14 Sep 2009 00:00:00 GMT
The second in a series of interactive quarterly reports, the MetroMonitor ranks the nation’s 100 largest metro areas—which generate three quarters of U.S. output—on key indicators of economic performance. This edition of the monitor reveals that, amid signs at the national level that job and income losses are slowing, metropolitan economies continued to perform at highly variable rates through June 2009. While several metro areas may have reached a turning point, there are many others that still have not touched bottom, as well as a few that have almost fully recovered.
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Tue, 28 Jul 2009 00:00:00 GMT
Margery Turner and Alan Berube explore how federal policy-makers—particularly at the Departments of Education and Housing and Urban Development—can promote local innovations that address the myriad connections between schools and housing, and provide better residential and educational environments for lower-income parents and students.
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Tue, 14 Jul 2009 13:00:00 GMT
Event Information:
- July 14, 2009, 1:00 PM to 2:30 PM
On July 14, the Metropolitan Policy Program hosted Housing and Urban Development (HUD) Secretary Shaun Donovan and former HUD Secretary Henry Cisneros for a discussion on the next steps for urban revitalization and opportunity. Secretary Donovan announced new funding for the current HOPE VI program and outlined the future of Choice Neighborhoods.
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Thu, 09 Jul 2009 14:58:55 GMT
Public housing has long been criticized as a breeding ground for concentrated poverty, under-achieving schools and for its lack of access to services. Bruce Katz says that President Obama's Choice Neighborhoods Initiative, an expansion of HOPE VI, will revitalize poor communities while enhancing opportunities for residents and the business community.
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Wed, 01 Jul 2009 00:00:00 GMT
New census numbers provide the first real glimpse of how America’s big cities appear now as the major survivors of the nation’s recent housing doldrums. William Frey concludes that it remains to be seen how unemployment will impact growth in these cities and their suburbs and how they will respond when the housing market eventually recovers.
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Mon, 29 Jun 2009 00:00:00 GMT
Before the Center for Housing Policy’s Learning Conference on State and Local Housing Policy in Chicago, IL, Bruce Katz outlined a new architecture for national housing policy for the US Department of Housing and Urban Development.
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Wed, 17 Jun 2009 00:00:00 GMT
Robert Puentes argues that a new federal interagency partnership, debuted before the Senate this week, could provide the federal leadership necessary for a unified vision of transportation, housing, and environmental policy designed to tackle our interrelated economic, energy, and climate challenges.
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Fri, 05 Jun 2009 00:00:00 GMT
Facing the worst foreclosure crisis since the Great Depression, the state of Ohio has responded by focusing on helping individuals keep their homes. Ohio must direct more attention and more resources to the devastating effects that foreclosures are having on entire communities, from the urban neighborhoods of Cleveland or Cincinnati to suburban and rural communities across the state.
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Thu, 14 May 2009 00:00:00 GMT
Jennifer Bradley argues that sustainable growth strengthens existing cities and communities, conserves fiscal and natural resources, and advances U.S. efforts to address climate change and achieve energy independence—a central theme of the Brookings Metropolitan Policy Program’s Blueprint for American Prosperity
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Mon, 30 Mar 2009 00:00:00 GMT
America’s national economic crisis is also a metropolitan crisis, because metropolitan areas are the true engines of the national economy. So it matters intensely how well the American Recovery and Reinvestment Act (ARRA) empowers metropolitan leaders to boost prosperity. This paper finds that although ARRA is limited in its support for creative metropolitan-area implementation, it delivers critical investments in what matters to metros and holds out significant opportunity for metropolitan empowerment and problem-solving.
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Thu, 26 Mar 2009 00:00:00 GMT
Before a special session of the Senate Banking Committee, Robert Puentes discussed the coordination of transportation and housing policy and its role in developing livable communities. Among others things, he stressed the need for the federal government to assist states and metropolitan areas in one of their hardest tasks: transcending the stovepiping of disparate programs that remains a serious cause of undesirable development outcomes.
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Thu, 19 Mar 2009 00:00:00 GMT
Testifying before a House Appropriations subcommittee, Robert Puentes examined the linkages between housing and transportation, calling for increased awareness of these connections and a federal policy that simultaneously promotes the economic vitality and environmental quality of metropolitan areas.
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Wed, 18 Mar 2009 00:00:00 GMT
Chris Leinberger argues that Sacramento, the capital of one of the most hard-pressed states in the country, is an evolving model of development for metropolitan America.
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Sat, 28 Feb 2009 00:00:00 GMT
Post-conflict reconstruction and stabilization requires protecting and assisting internally displaced persons (IDPs) who have been uprooted from their homes and made vulnerable to violence, exploitation, discrimination and other human rights violations. In this paper, Andrew Solomon and others review the international standards and best practices for protecting the housing, land and property rights of IDPs.
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Thu, 19 Feb 2009 00:00:00 GMT
President Obama hosted a Fiscal Responsibility Summit on Monday and set a goal of cutting the federal budget deficit in half by the end of his term. William Gale and Alan Auerbach analyze the long-term fiscal outlook. Under what they view as optimistic assumptions, they project the deficit to average at least $1 trillion per year for the 10 years after 2009 – even if the economy returns to full employment and the stimulus package is allowed to expire in two years. They say the longer-run picture is even bleaker. Although fiscal policy problems are usually described as medium- and long-term issues, they find that the future may be upon us much sooner than expected.
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Thu, 12 Feb 2009 00:00:00 GMT
Before a housing conference at the NYU School of law, and prior to the president’s executive order creating the office, Bruce Katz outlined his vision of the function and role of a White House Office of Urban Affairs. “The new office has a powerful bully pulpit to set a vision for how federal policy can unleash the potential of America’s urban and metropolitan areas given their changing role and function,” Katz told conferees.
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Mon, 09 Feb 2009 00:00:00 GMT
The final House-Senate compromise on the economic recovery package offers no boost for HUD’s Neighborhood Stabilization Program, established last year to help state and local governments mitigate the impact of foreclosures. Alan Berube and Alan Mallach argue that additional funds for the program (part of the House proposal omitted in the final bill) would provide much-needed assistance to local communities.
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Tue, 03 Feb 2009 00:00:00 GMT
The wave of home mortgage foreclosures that began in 2006 continues to surge, greatly destabilizing neighborhoods, towns, and cities across the United States. However, the federal government has played a limited role to date in blunting its effects. This Blueprint policy brief argues for carefully-targeted federal policies to assist states and localities in mitigating the community-level impacts of foreclosure, and creating the conditions for ultimate housing market recovery.
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Mon, 26 Jan 2009 00:00:00 GMT
American suburbs today more resemble cities than a treasured retreat from life’s tumult. Bruce Katz and Jennifer Bradley argue that unless we grabble with the problems and opportunities of the new suburbs, America can’t ensure its leading place in the global economy.
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Wed, 24 Dec 2008 00:00:00 GMT
New census estimates provide the first real glimpse of how migration and population growth may be responding to the housing slowdown, job losses, and broader recession. William Frey concludes that this economic downturn is not isolated to specific regions with slumping industries. Both Michigan and Florida lost migrants, while other states saw dramatic one-year drops in persons moving in. "We seem to be in a land of transitory limbo," he writes.
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Wed, 03 Dec 2008 00:00:00 GMT
At a forum hosted by the Federal Reserve Board to discuss a new joint Fed/Brookings report on concentrated poverty in America, Alan Berube discussed the importance of focusing on policies that can help poor people in very poor places, particularly in the context of a severe downturn and in light of the significant stimulus/recovery package being created to boost the economy.
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Mon, 01 Dec 2008 00:00:00 GMT
Jeffery Kling, Daniel Mitchell, Sharon Parrott, and host Ian Mylchreest discuss on KNPR Nevada Public Radio the Federal Reserve's latest plan to infuse another eight billion dollars in to the economy to help people borrow money for car loans, tuition and new homes and what effect this will have on the nation and the region.
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Mon, 24 Nov 2008 00:00:00 GMT
In the third installment of the Fixing Finance series, Martin Baily, Robert Litan and Matthew Johnson conduct a thorough analysis of the origins of the financial crisis. They conclude that the crisis had its origins in an asset price bubble that interacted with new kinds of financial innovations that masked risk, with companies that failed to follow their own risk management procedures, and with regulators and supervisors who failed to restrain excessive taking.
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Sun, 23 Nov 2008 00:00:00 GMT
Navtej Dhillon and Ragui Assaad share findings from new research by the Middle East Youth Initiative indicating that a series of reforms in Egypt has given young people easier access to rental housing. With housing more affordable so, too, is marriage, giving hope to numerous young people in the region who have delayed married life due to financial constraints.
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Fri, 07 Nov 2008 00:00:00 GMT
Democrats pushed out of their demographic rut during Tuesday’s election, according to new analysis by William Frey and Ruy Teixeira. The authors of ongoing political demographics reports on the “battleground states” write that the party’s appeal has extended to new growth regions and to demographic segments that eluded the party’s grasp in the last two presidential elections. America’s growing metropolitan identity, they found, is especially potent within the fast-growing battleground states.
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Tue, 28 Oct 2008 00:00:00 GMT
A new Blueprint paper argues that the rising number of vacant and abandoned properties around the nation requires a more robust drive by the federal government to aid states and localities in land banking. The author, Frank Alexander of Emory University, recommends that federal policy should better capitalize local and regional land banking (the process or policy by which local governments acquire surplus properties and convert them to productive use), encourage code reform and regional collaboration.
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Thu, 16 Oct 2008 12:00:00 GMT
Designed to reach a wide audience of scholars and policymakers, the Brookings-Wharton Papers on Urban Affairs is an annual series that serves as a forum for cutting-edge, accessible research on urban policy.
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Tue, 30 Sep 2008 00:00:00 GMT
As the financial crisis has widened, some analysts have asked the U.S. government to consider debt relief for American families who are struggling with mortgages they can no longer afford. Mauricio Cardenas explains how a previous crisis in Colombia offers lessons for the U.S. and argues that U.S. government debt relief is a bad idea.
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Tue, 23 Sep 2008 00:00:00 GMT
If current trends continue, today’s default crisis will soon be followed by an affordability crisis as an ever-increasing number of American households find themselves locked out of credit and unable to transition to homeownership. In this paper, Andrew Caplin, Nöel Cunningham, Mitchell Engler and Frederick Pollock argue that development of shared appreciation mortgage (SAM) markets would moderate the impending decline in homeownership and lower the risk of future housing crashes.
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Tue, 23 Sep 2008 00:00:00 GMT
In this paper, Edgar Olsen argues that the two most serious structural shortcomings of the current system of low-income housing assistance are (1) its excessive reliance on unit-based assistance and (2) its failure to provide housing assistance to all of the poorest eligible families who ask for help.
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Tue, 23 Sep 2008 08:45:00 GMT
Event Information:
- September 23, 2008, 8:45 AM to 12:00 PM
Turmoil in the U.S. housing and financial markets continues, as evidenced by the recently announced rescue plan for mortgage giants Fannie Mae and Freddie Mac and the latest financial turmoil involving Lehman Brothers, Merrill Lynch and AIG. On September 23, The Hamilton Project released three new discussion papers and hosted a three-panel policy discussion on various aspects of the housing and credit markets.
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Tue, 23 Sep 2008 00:00:00 GMT
The causes of the mortgage meltdown are myriad and the solutions likely to be multifaceted, but a central problem that led to the crisis was that brokers and lenders offered loans that looked much less expensive and much less risky than they really were. In this paper, Michael Barr, Sendhil Mullainathan and Eldar Shafir propose a sticky opt-out mortgage system, under which lenders would be required to offer borrowers loans with standard terms.
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Mon, 15 Sep 2008 00:00:00 GMT
Ron Haskins offers ways policymakers could create an entitlement to housing assistance that would more fairly distribute housing benefits and convert housing into a more effective element in the nation’s work support system. The goal of reform would be to get the most out of the resources now devoted to housing by providing at least some benefit to all eligible families that want a housing subsidy.
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Mon, 08 Sep 2008 00:00:00 GMT
Douglas Elmendorf offers his views on the federal government's plan, announced on September 7, to take control of troubled mortgage lenders Fannie Mae and Freddie Mac. He says "it ensures that the government has full control over the enterprises so that long-run decisions about our system of housing finance can be made in the best interest of society as a whole."
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Mon, 08 Sep 2008 13:50:36 GMT
The Treasury Department’s decision to place Fannie Mae and Freddie Mac in a conservatorship could signal a turning point in the credit crisis that has troubled investment banks for nearly a year. Brookings fellow and former OMB Deputy Director Alice Rivlin examines the impact and the importance of the action.
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Mon, 18 Aug 2008 00:00:00 GMT
New census projections target the U.S. population to reach “minority majority” status by the year 2042—the year when the white population dips to below half of the total. While this may seem a long way off, William Frey writes that the impending minority surge will impact the youth vote, workforce diversity and cradle-to-grave policies sooner than many anticipate.
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Tue, 29 Jul 2008 00:00:00 GMT
Martin Mayer argues that Congress has given the Bush White House yet another chance to operate outside the Constitution by giving Treasury Secretary Henry Paulson the go-ahead for his two-part plan to salvage Fannie Mae and Freddie Mac, the government-sponsored mortgage companies — a blueprint that violates fundamental American principles in two worrisome ways.
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Fri, 18 Jul 2008 00:00:00 GMT
Recent government efforts to shore up Fannie Mae and Freddie Mac reveal the ambivalence of Americans towards whether these mortgage giants should be more like private corporations or public utilities. Alice Rivlin suggests that, if taxpayers put credit on the line and take the risk of losing, they should also be allowed to share in the gains. She suggests at least partial government ownership and public appointees to the Board.
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Thu, 10 Jul 2008 00:00:00 GMT
High gas prices and the housing market slowdown are reversing past population declines for older U.S. cities, new Census data show. William Frey writes that the South and interior West still contain most of the nation’s fastest-growing cities. But older cities like Boston, Chicago and St. Paul began adding residents again in the past year, as formerly hot destinations like Phoenix, Dallas and Las Vegas began to cool off.
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Wed, 11 Jun 2008 15:21:09 GMT
This panel discussed links among housing, transportation, and climate change goals, with particular attention to the roles of the federal government in re-framing the affordability issue and fostering sustainable metropolitan growth.
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Thu, 05 Jun 2008 00:00:00 GMT
In this overview paper, Jason Furman examines reasons why markets that could reduce risks are missing and what the government can do to foster markets in these areas. He xplains that certain laws and regulations, market failures and behavioral biases of consumers act as barriers to market formation.
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Thu, 29 May 2008 00:00:00 GMT
The mortgage foreclosure crisis has become an issue of growing concern over the past two years, particularly in many older industrial communities. Alan Mallack proposes a set of 10 action steps that state leaders can take to help mitigate its impact on families and neighborhoods—and prevent a similar situation from occurring in the future.
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Wed, 28 May 2008 00:00:00 GMT
The following remarks were delivered by Alice Rivlin during a luncheon speech at the State on Foreclosures and Housing Solutions hosted by the National Governors Association. Illustrating the effects of both the credit and foreclosure crisis providing reasons for optimis in the current state of the economy.
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Thu, 22 May 2008 00:00:00 GMT
Jeffrey Kling talks about housing policy, in particular about the use of housing vouchers in a speech given to the French Ministry of Labor, Social Affairs and Solidarity.
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Fri, 16 May 2008 00:00:00 GMT
With the U.S. financial system still in a perilous state, Martin Baily, Doug Elmendorf and Bob Litan diagnose what caused the crisis and offer prescriptions for policy change. The authors of this new Brookings paper address two challenges: to resolve the immediate problems and to reduce the likelihood that these problems recur.
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Fri, 16 May 2008 10:00:00 GMT
Event Information:
- May 16, 2008, 10:00 AM to 12:00 PM
How could America's sophisticated financial system go so wrong and cause so much damage? Martin Baily, Douglas Elmendorf and Robert Litan answered that question in a new paper released at this public forum. The authors, following opening remarks by FDIC Chairman Sheila Bair, put forward a specific agenda of policy actions to reduce the chance that history repeats itself.
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Thu, 01 May 2008 00:00:00 GMT
In a new paper from Brookings and First Focus, Julia Issacs and Phillip Lovell show that nearly two million children will be directly impacted by the mortgage crisis. When forced from their homes, children’s education is disrupted, their peer relationships crumble, and the social networks that support them are fractured.
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Wed, 23 Apr 2008 11:48:21 GMT
Despite the fact that one-third of all Americans live in rental housing, rental policy often takes a back seat to home-ownership policy in Washington. To ensure that low- and moderate-income Americans can afford rental housing, Bruce Katz says that the next president needs to help supplement incomes, empower local governments to expand the supply of affordable housing and deal with the subprime mortgage crisis.
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Mon, 21 Apr 2008 00:00:00 GMT
By examining the IMF's World Economic Outlook, Senior Fellow Doug Elmendorf, discusses ways in which innovations in housing finance around the world might change the way monetary policy deals with housing developments in the future.
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Mon, 21 Apr 2008 11:30:00 GMT
Event Information:
- April 21, 2008, 11:30 AM to 1:00 PM
On April 21, the Brookings Institution and the International Monetary Fund (IMF) hosted a presentation of recent cross-country IMF research on the housing sector and monetary policy, as released in the April 2008 World Economic Outlook.
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Thu, 10 Apr 2008 00:00:00 GMT
Congress and the administration are moving forward in myriad ways to boost beleaguered homeowners and put the economy back on track. Doug Elmendorf, testifying before the Senate, urged policy-makers to expand the role of the Federal Housing Administration to help families in trouble refinance their mortgages, and offered comments on the compromise Senate housing bill.
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Wed, 09 Apr 2008 09:00:00 GMT
Event Information:
- April 09, 2008, 9:00 AM to 10:30 AM
Brookings Urban Markets Initiative joined with the Center for Neighborhood Technology in a demonstration of their new interactive web tool that calculates the cost of housing and transportation by neighborhood in 52 metropolitan areas across the United States.
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Fri, 04 Apr 2008 12:00:00 GMT
Event Information:
- April 04, 2008, 12:00 PM to 2:00 PM
With the problems in the subprime mortgage market having grown into a full-blown crisis of the international financial system, the conference brought together leading economists and practitioners to examine the questions of how this crisis happened and how to avoid a similar event in the future. The event featured such key figures as former Fed Chairman Paul Volcker, former French Prime Minister Michel Rocard, economists Martin Baily and Douglas Elmendorf of Brookings and Jean Tirole of Institut d’Économie Industrielle in Toulouse, and business leaders Michel Pébereau of BNP Paribas and Claude Bébéar of AXA and Institut Montaigne.
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Fri, 21 Mar 2008 00:00:00 GMT
Migration to America's fastest growing cities have tapered off in the last year, according to the latest Census data results. Would-be homebuyers in previously hot housing markets are unable to obtain the homes they desire, leaving them in limbo. William Frey examines the regions across America weathering the downturn.
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Fri, 14 Mar 2008 11:00:00 GMT
Event Information:
- March 14, 2008, 11:00 AM to 1:00 p.m.
The Hamilton Project at Brookings hosted a discussion on proposed policy responses to the mortgage-foreclosure problem. Former U.S. Treasury Secretaries Robert E. Rubin and Lawrence H. Summers offered remarks. Panelists evaluated several specific proposals for ameliorating the mortgage-foreclosure problem and proposed next steps for consideration.
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Fri, 29 Feb 2008 00:00:00 GMT
Without government action, mortgage foreclosures will rise steeply for the next several years, argues Doug Elmendorf. He analyzes the wide range of proposals for tackling this problem, arguing that policy-makers should weigh the fairness of alternative approaches and effects on future mortgage credit, as well as the consequences of inaction.
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Thu, 07 Feb 2008 00:00:00 GMT
During displacement, customary knowledge can easily be lost with the passing of community elders and as demarcations disappear. The return of IDPs can, therefore, lead to much confusion and infighting, particularly where arbitration mechanisms are underdeveloped, which can prolong or renew displacement.
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Fri, 01 Feb 2008 00:00:00 GMT
Leading housing researchers build upon decades of experience, research, and evaluation to inform our understanding of the nation’s rental housing challenges and what can be done about them.
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Wed, 30 Jan 2008 00:00:00 GMT
Will the economy get a much-needed boost from a stilmulus package? In a week long Los Angeles Times 'Dust Up' series, Jason Furman, a Brookings scholar and an advisor to President Clinton, and author-economist Steven E. Landsburg discuss the U.S. economy and the recently announced stimulus package.
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Tue, 29 Jan 2008 00:00:00 GMT
Michael Greenstone and Justin Gallagher use the housing market to develop estimates of the local welfare impacts of Superfund sponsored clean-ups of hazardous waste sites. They show that if consumers value the clean-ups, predictions will lead to increases in local housing prices and new home construction.
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Fri, 11 Jan 2008 00:00:00 GMT
Brookings Expert Gregg Easterbrook and Harvard Law School's Elizabeth Warren discuss the squeeze on the American middle class.
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Wed, 19 Dec 2007 10:00:00 GMT
Event Information:
- December 19, 2007, 10:00 AM to 12:00 PM
News on the sub-prime lending crisis and threats of a recession raise more questions than answers. On December 19 at Brookings, two leading voices on economic policy—former Treasury Secretary Lawrence Summers and New York Senator Charles Schumer—offered concrete policy suggestions to address the twin threats that face this nation’s economic health.
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Mon, 03 Dec 2007 10:15:00 GMT
Event Information:
- December 03, 2007, 10:15 AM to 12:00 PM
From the individual alternative minimum tax (AMT) to an unstable mortgage market, many middle-class American families are at risk of losing their footing in today’s economy. Saving rates are at an all-time low and rising health premiums can render basic care unaffordable to even full-time workers. Opportunity 08 explores what the next President can and should do to promote individuals’ economic success and a sound middle class.
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Sun, 04 Nov 2007 00:00:00 GMT
Southeastern Virginia is currently experiencing a range of housing challenges that stem from three main problems: price, production, and location. This piece by Robert Puentes illustrates the importance of developing a metropolitan-wide strategy to deal with these issues.
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Wed, 31 Oct 2007 00:00:00 GMT
Despite troubles in the subprime mortgage industry, an otherwise healthy economy should avert a true credit crisis. This brief describes how there is no shortage of capital and why bailing out the lenders would merely encourage them to do it again.
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Mon, 08 Oct 2007 16:54:20 GMT
Senior Fellow Douglas Elmendorf explains the roots of the crisis surrounding the rising sub-prime mortgage default rate and suggests that a greater financial literacy would be useful to homeowners and prospective homeowners.
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Sun, 30 Sep 2007 00:00:00 GMT
Iran’s large youth population has led to overcrowding in schools, gender imbalance in the marriage market and increased pressure on the nation’s rigid formal labor market. By focusing on three crucial transitions, Djavad Salehi-Isfahani and Daniel Egel analyze the challenges facing youth in Iran and opportunities for the country to tap into its demographic dividend.
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Tue, 25 Sep 2007 00:00:00 GMT
Testifying before the Senate Committee on Banking, Housing and Urban Affairs, Amy Liu provided an overview of the state of recovery of greater New Orleans following Hurricane Katrina.
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Fri, 21 Sep 2007 00:00:00 GMT
Doug Elmendorf offers a critical appraisal of recent policy responses to rising delinquencies and foreclosures of subprime mortgages. The Federal Reserve should reduce, but not slash, the federal funds rate, he argues.
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Fri, 21 Sep 2007 00:00:00 GMT
A new report examines the link between income inequality and new housing construction in various metropolitan areas. Using data from the Census and Neighborhood Change Database on 215 metropolitan areas, the analysis compares trends between economically distressed metropolitan areas (those that experienced little or no population or economic growth) and non-distressed metropolitan areas.
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Wed, 12 Sep 2007 00:00:00 GMT
Using new Census data, we provide the first full picture of who lived in New Orleans and its region after the hurricanes of 2005, and what types of residents moved in, stayed, or remained displaced one year after the storm.
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Tue, 28 Aug 2007 00:00:00 GMT
Writing in the Times-Picayune, William Frey examines the demographics of New Orleans? recovery and warns that the clock is ticking on the return of middle class residents.
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Wed, 01 Aug 2007 00:00:00 GMT
Designed to reach a wide audience of scholars and policymakers, the Brookings-Wharton Papers on Urban Affairs is an annual series that serves as a forum for cutting-edge, accessible research on urban policy.
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Sun, 24 Jun 2007 00:00:00 GMT
What do western Louisville and the Appalachian region have in common besides being two of the poorest areas in Kentucky? Not much one would think. And, yet, they each are also among the most expensive places to live in the state.
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Thu, 21 Jun 2007 00:00:00 GMT
Thirty years ago, some futurists predicted that the restructuring of the American economy and our technological advances would free and un-anchor us from place, precipitating a mass de-urbanization throughout the nation.
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Mon, 18 Jun 2007 00:00:00 GMT
Bill Gale and co-authors advocate examine the mortgage interest deduction and argue for new proposals that would be less expensive, more progressive and more effective in encouraging homeownership.
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Mon, 04 Jun 2007 00:00:00 GMT
The authors argue that the subprime mortgage problem is in part due to systemic gaps between what working families realistically need to know about borrowing options, and what they actually do know. The authors call for Congress to think through ways that working families can obtain trusted financial advice and information.
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Sun, 13 May 2007 00:00:00 GMT
America's cities are entering a period of enormous potential and opportunity. Broad demographic forces and rapid economic changes are repositioning U.S. metropolitan areas as the engines of national prosperity, and revaluing the assets and attributes
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Tue, 17 Apr 2007 00:00:00 GMT
If housing policy is to achieve its full potential, it cannot be crafted and executed in isolation, but rather, it must be shaped in concert with related policies like transportation, land use, economic development, financial services, and even education.
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Mon, 26 Mar 2007 00:00:00 GMT
In this presentation Robert Puentes provides a deeper understanding of trends that are impacting metropolitan America and how those trends may impact the demand for multi-family housing in the coming decades.
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Fri, 23 Mar 2007 00:00:00 GMT
In his Capitol Hill Briefing, Robert Puentes argues that often the biggest challenge for older cities and close-in suburbs is not a lack of affordable housing but a need to grow, hold, and attract middle-income households and to foster mixed-income n
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Wed, 28 Feb 2007 00:00:00 GMT
In recent years, housing has all but disappeared from national debate. But while federal policymakers focus their attention elsewhere, our country?s housing challenges are changing in ways that not only affect an expanding segment of the population,
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Thu, 22 Feb 2007 00:00:00 GMT
In his presentation at Housing Charlotte 2007, Bruce Katz discusses current housing challenges in Charlotte, principles of success, as well as where the city, and the nation, go from here.
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Thu, 30 Nov 2006 00:00:00 GMT
In this presentation at the Virginia Governor's Housing Conference in Norfolk, Robert Puentes highlights the state's critical housing issues, and discusses how these housing issues linked to other statewide priorities.
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Wed, 01 Nov 2006 00:00:00 GMT
BWPUA is an annual series that serves as a forum for cutting-edge, accessible research on urban policy.