                                          Table 3
                      Comparison between Households who were Highly Indebted
                            and Others After the Peak of the Credit Boom
                         Sample:  HHs in 2005, 2007, 2009 Waves

                            Non-homeowners      Homeowners        Homeowners
                                             In Non-boom States In Boom States
                           ----------------  ----------------  ----------------
                           High-Debt  Other  High-Debt  Other  High-Debt  Other

                           -- Based on Traditional Measure of Leverage D07/A07 --
Change 2007-2009:
  Income[t-1] (%)             14.55    8.57      8.37    6.48      8.98    6.79
  # of vehicles*               0.05    0.01     -0.02   -0.03     -0.10    0.03
  Nonhous C (%)                1.28   -6.42     -3.30   -2.66    -14.68   -6.81
  Nonhous C/Y                 -0.03   -0.04     -0.03   -0.02     -0.07   -0.04
  NW/Y                         0.18    0.00     -0.07   -0.23     -0.67   -0.83
  Mortgage/Y                   0.00    0.00     -0.26    0.00     -0.44    0.00
  Mortgage/house value         0.00    0.00     -0.03    0.00      0.06    0.03
  Consumer debt/y             -0.18    0.00     -0.01    0.00      0.00    0.00
  DS/Y                        -0.04    0.00     -0.02    0.00     -0.02    0.00
  Moved*                       0.62    0.51      0.22    0.09      0.21    0.09
  Exited homeownership*        0.00    0.00      0.10    0.05      0.08    0.03

2009 values:
  Behind on mort*              0.00    0.01      0.11    0.02      0.19    0.03
  FC started*                  0.00    0.00      0.03    0.00      0.04    0.01
  Mort mod*                    0.01    0.01      0.14    0.05      0.25    0.09
  S likely to fall beh*        0.01    0.01      0.09    0.06      0.21    0.13
  V likely to fall beh*        0.02    0.00      0.04    0.02      0.07    0.02

2009 Characteristics of 2007 State of Residence
  %ch HPI 07-09              -13.65  -13.53    -11.93  -11.93    -21.03  -33.96
  State UR                     9.68   10.02      9.29    9.26      9.05    9.68

Number of observations          286    1336       544    1674       189     619

                                 -- Based on Debt Service Burden DS07/Y05 --
Change 2007-2009:
  Income[t-1] (%)             19.09    8.57     10.94    5.98     11.64    7.35
  # of vehicles*              -0.02    0.03     -0.07   -0.01     -0.01    0.01
  Nonhous C (%)              -11.39   -5.53     -5.13   -1.91    -17.83   -7.67
  Nonhous C/Y                 -0.08   -0.03     -0.05   -0.01     -0.11   -0.04
  NW/Y                         0.09    0.00     -0.12   -0.18     -1.97   -0.68
  Mortgage/Y                   0.00    0.00     -0.25    0.00     -0.36    0.00
  Mortgage/house value         0.00    0.00      0.00    0.00      0.08    0.02
  Consumer debt/y             -0.34    0.00     -0.07    0.00      0.00    0.00
  DS/Y                        -0.08    0.00     -0.07    0.00     -0.08    0.00
  Moved*                       0.63    0.50      0.17    0.10      0.18    0.11
  Exited homeownership*        0.00    0.00      0.10    0.05      0.10    0.04

2009 values:
  Behind on mort*              0.00    0.00      0.07    0.03      0.14    0.04
  FC started*                  0.00    0.00      0.03    0.00      0.03    0.01
  Mort mod*                    0.01    0.01      0.13    0.05      0.24    0.09
  S likely to fall beh*        0.01    0.01      0.11    0.06      0.28    0.11
  V likely to fall beh*        0.00    0.00      0.03    0.02      0.07    0.02

2009 Characteristics of 2007 State of Residence
  %ch HPI 07-09              -13.65  -13.65    -11.93  -11.93    -33.96  -33.96
  State UR                     9.73    9.73      9.26    9.26     10.16    9.68

Number of observations          389    1620       503    1736       192     633


Means shown for variables marked with a *; all other statistics are medians.
High debt households (traditional measure) are those in highest quintile of
D/A for non-homeowners and of Mortgage/House Value for homeowners.
High debt burden households are based on total debt service 07/income 05.
Sample includes only households with a full set of interviews 2005-2009. 

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