1: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, ,
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.139**     -0.144**     -0.138**     -0.169*      -0.136       -0.181*  
                   (0.074)      (0.074)      (0.075)      (0.112)      (0.105)      (0.113)   

Head college d~e    -5.266***    -5.423***    -5.209***    -5.718***    -5.886***    -5.607***
                   (2.399)      (2.392)      (2.404)      (2.791)      (2.786)      (2.797)   

Income in t-1        0.011        0.009        0.012        0.019*       0.019        0.020*  
                   (0.013)      (0.013)      (0.013)      (0.013)      (0.013)      (0.014)   

State UR             0.266        0.290        0.255       -0.087       -0.011       -0.090   
                   (1.241)      (1.241)      (1.242)      (1.518)      (1.518)      (1.520)   

del(State UR)       -0.009       -0.032       -0.001       -1.024       -1.143       -1.033   
                   (1.773)      (1.773)      (1.774)      (2.169)      (2.169)      (2.173)   

del(IHS Y)           0.106***     0.106***     0.106***     0.065***     0.066***     0.065***
                   (0.016)      (0.016)      (0.016)      (0.024)      (0.024)      (0.024)   

del(IHS NW)          0.021***     0.021***     0.021***     0.018***     0.018***     0.018***
                   (0.004)      (0.004)      (0.004)      (0.005)      (0.005)      (0.005)   

Mort/HV             -6.065**                  -6.398       -6.115                    -7.406   
                   (3.246)                   (7.050)      (4.576)                   (6.795)   

Top Quint M/HV                   -4.417**     -5.742                    -3.322      -13.084   
                                (2.596)     (12.028)                   (3.252)     (16.584)   

Mort/HV x TopQ                                 7.097                                 15.538   
                                            (16.328)                               (19.836)   

Constant             1.923        1.632        1.989       10.831        7.303       11.851   
                   (7.134)      (7.126)      (7.140)     (10.291)      (9.506)     (10.399)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.022        0.022        0.022        0.010        0.010        0.010   
Observations          3639         3639         3639         2200         2200         2200   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
1: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, ,
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.103       -0.071       -0.108       -0.308       -0.199       -0.332*  
                   (0.132)      (0.124)      (0.133)      (0.215)      (0.198)      (0.217)   

Head college d~e    -9.556***    -9.657***    -9.477***     3.408        3.178        3.588   
                   (3.358)      (3.356)      (3.367)      (5.101)      (5.104)      (5.110)   

Income in t-1        0.033*       0.031        0.034*       0.012        0.012        0.013   
                   (0.022)      (0.022)      (0.022)      (0.017)      (0.017)      (0.017)   

State UR             0.244        0.298        0.233       -3.772       -3.665       -3.834   
                   (1.822)      (1.821)      (1.824)      (3.684)      (3.687)      (3.688)   

del(State UR)       -1.109       -1.197       -1.097        3.517        3.392        3.615   
                   (2.661)      (2.659)      (2.663)      (5.505)      (5.514)      (5.518)   

del(IHS Y)           0.046*       0.047**      0.046*       0.116***     0.116***     0.118***
                   (0.028)      (0.028)      (0.028)      (0.049)      (0.049)      (0.049)   

del(IHS NW)          0.026***     0.026***     0.026***     0.007        0.008        0.007   
                   (0.007)      (0.007)      (0.007)      (0.008)      (0.008)      (0.008)   

Mort/HV             -4.616                    -6.246      -11.597                   -20.036*  
                   (5.299)                   (7.826)      (9.176)                  (13.512)   

Top Quint M/HV                   -2.001       -6.779                    -2.833      -19.227   
                                (3.828)     (19.433)                   (6.242)     (34.457)   

Mort/HV x TopQ                                 9.037                                 30.656   
                                            (22.970)                               (42.059)   

Constant             5.390        2.259        5.997       25.952       15.792       28.959   
                  (11.977)     (11.107)     (12.077)     (20.640)     (18.961)     (20.925)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.012        0.011        0.011        0.008        0.006        0.007   
Observations          1613         1613         1613          587          587          587   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
1: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort DSR, ,
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.107*      -0.116*      -0.111*      -0.085       -0.088       -0.136   
                   (0.073)      (0.073)      (0.073)      (0.095)      (0.096)      (0.104)   

Head college d~e    -5.216***    -5.141***    -4.784***    -5.437**     -5.560***    -5.128** 
                   (2.391)      (2.398)      (2.411)      (2.799)      (2.796)      (2.811)   

Income in t-1        0.005        0.006        0.009        0.015        0.016        0.015   
                   (0.013)      (0.013)      (0.013)      (0.014)      (0.014)      (0.014)   

State UR             0.237        0.118        0.167       -0.066       -0.149       -0.200   
                   (1.242)      (1.245)      (1.245)      (1.520)      (1.527)      (1.529)   

del(State UR)        0.207        0.343        0.279       -0.886       -0.805       -0.640   
                   (1.774)      (1.779)      (1.780)      (2.172)      (2.188)      (2.193)   

del(IHS Y)           0.124***     0.122***     0.122***     0.102***     0.096***     0.101***
                   (0.017)      (0.017)      (0.017)      (0.027)      (0.027)      (0.028)   

del(IHS NW)          0.021***     0.021***     0.020***     0.018***     0.018***     0.018***
                   (0.004)      (0.004)      (0.004)      (0.005)      (0.006)      (0.006)   

Mort DSR            -6.782**                 -30.121       -4.661                   -31.527   
                   (3.899)                  (22.699)      (4.017)                  (23.290)   

Top Quint DSR                    -4.094*      -3.877                    -2.175       -4.085   
                                (2.705)      (3.194)                   (3.327)      (4.409)   

Mort DSR x TopQ                               25.898                                 28.309   
                                            (23.192)                               (23.770)   

Constant            -0.877        0.207        0.469        3.982        4.331        9.206   
                   (7.031)      (7.074)      (7.102)      (9.001)      (9.136)      (9.986)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.025        0.024        0.025        0.012        0.012        0.012   
Observations          3629         3629         3629         2190         2190         2190   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
1: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort DSR, ,
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.042       -0.037       -0.060       -0.147       -0.170       -0.285   
                   (0.112)      (0.114)      (0.122)      (0.183)      (0.186)      (0.203)   

Head college d~e    -9.528***    -9.575***    -9.417***     4.481        3.852        4.629   
                   (3.371)      (3.376)      (3.390)      (5.105)      (5.099)      (5.109)   

Income in t-1        0.027        0.028        0.028        0.007        0.008        0.003   
                   (0.022)      (0.022)      (0.022)      (0.017)      (0.017)      (0.017)   

State UR             0.307        0.275        0.288       -3.452       -3.772       -3.380   
                   (1.825)      (1.831)      (1.835)      (3.682)      (3.681)      (3.682)   

del(State UR)       -1.117       -1.104       -1.074        3.584        3.891        3.541   
                   (2.661)      (2.675)      (2.681)      (5.508)      (5.514)      (5.508)   

del(IHS Y)           0.072***     0.069***     0.071***     0.202***     0.175***     0.198***
                   (0.032)      (0.031)      (0.032)      (0.059)      (0.055)      (0.060)   

del(IHS NW)          0.026***     0.026***     0.026***     0.008        0.007        0.006   
                   (0.007)      (0.007)      (0.007)      (0.008)      (0.009)      (0.009)   

Mort DSR            -3.556                   -16.636       -9.125*                  -64.278** 
                   (5.536)                  (29.440)      (5.973)                  (36.925)   

Top Quint DSR                    -0.540       -1.014                    -5.390      -10.447   
                                (3.874)      (5.148)                   (6.438)      (8.591)   

Mort DSR x TopQ                               13.491                                 57.906*  
                                            (30.159)                               (37.691)   

Constant             0.585        0.158        2.399       11.386       13.508       25.004   
                  (10.574)     (10.752)     (11.645)     (17.885)     (18.074)     (19.867)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.013        0.013        0.012        0.016        0.013        0.017   
Observations          1606         1606         1606          584          584          584   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
1: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, Mort DSR,
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.122*      -0.132**     -0.114*      -0.150       -0.129       -0.160   
                   (0.074)      (0.075)      (0.076)      (0.113)      (0.105)      (0.114)   

Head college d~e    -4.907***    -4.986***    -4.768***    -5.255**     -5.480**     -5.076** 
                   (2.405)      (2.403)      (2.413)      (2.804)      (2.799)      (2.815)   

Income in t-1        0.008        0.007        0.008        0.015        0.015        0.015   
                   (0.013)      (0.013)      (0.013)      (0.014)      (0.014)      (0.014)   

State UR             0.216        0.161        0.158       -0.111       -0.095       -0.159   
                   (1.242)      (1.247)      (1.248)      (1.522)      (1.530)      (1.535)   

del(State UR)        0.191        0.250        0.322       -0.829       -0.893       -0.724   
                   (1.776)      (1.784)      (1.788)      (2.175)      (2.195)      (2.206)   

del(IHS Y)           0.122***     0.121***     0.123***     0.100***     0.096***     0.100***
                   (0.017)      (0.017)      (0.017)      (0.028)      (0.027)      (0.028)   

del(IHS NW)          0.020***     0.020***     0.020***     0.018***     0.018***     0.017***
                   (0.004)      (0.004)      (0.004)      (0.006)      (0.006)      (0.006)   

Mort/HV             -4.108                     8.495       -5.035                    -1.200   
                   (3.535)                  (13.422)      (4.780)                   (9.935)   

Mort DSR            -4.849                   -48.779       -3.410                   -25.015   
                   (4.240)                  (45.799)      (4.188)                  (34.075)   

Top Quint M/HV                   -3.139        0.473                    -3.130       -8.466   
                                (2.978)     (13.130)                   (3.368)     (17.170)   

Top Quint DSR                    -2.501       -6.136                    -1.372       -2.898   
                                (3.096)      (6.257)                   (3.436)      (5.947)   

Mort/HV x TopQ                                -6.799                                  8.026   
                                            (19.799)                               (21.184)   

Mort DSR x TopQ                               44.561                                 21.883   
                                            (45.938)                               (34.222)   

Constant             0.690        1.206        0.465        9.397        7.012       10.647   
                   (7.155)      (7.135)      (7.173)     (10.343)      (9.568)     (10.488)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.025        0.024        0.024        0.012        0.012        0.011   
Observations          3627         3627         3627         2188         2188         2188   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
1: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, Mort DSR,
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.089       -0.063       -0.095       -0.258       -0.195       -0.293   
                   (0.132)      (0.124)      (0.134)      (0.217)      (0.198)      (0.221)   

Head college d~e    -9.387***    -9.500***    -9.408***     4.716        4.013        4.777   
                   (3.378)      (3.380)      (3.398)      (5.115)      (5.111)      (5.133)   

Income in t-1        0.028        0.028        0.030        0.006        0.008        0.004   
                   (0.022)      (0.022)      (0.023)      (0.017)      (0.017)      (0.017)   

State UR             0.248        0.286        0.301       -3.658       -3.843       -3.492   
                   (1.827)      (1.834)      (1.839)      (3.690)      (3.689)      (3.706)   

del(State UR)       -1.004       -1.090       -1.104        3.712        3.878        3.611   
                   (2.667)      (2.680)      (2.690)      (5.514)      (5.527)      (5.537)   

del(IHS Y)           0.071***     0.069***     0.069***     0.195***     0.174***     0.198***
                   (0.032)      (0.031)      (0.032)      (0.060)      (0.055)      (0.060)   

del(IHS NW)          0.026***     0.026***     0.026***     0.006        0.006        0.006   
                   (0.007)      (0.007)      (0.007)      (0.008)      (0.009)      (0.009)   

Mort/HV             -3.700                    -6.500       -9.193                    -3.448   
                   (5.581)                  (11.969)      (9.599)                  (18.656)   

Mort DSR            -2.370                     3.997       -7.356                   -58.276   
                   (5.819)                  (44.909)      (6.245)                  (50.821)   

Top Quint M/HV                   -1.999       -6.084                    -2.526      -11.043   
                                (3.971)     (20.502)                   (6.460)     (34.954)   

Top Quint DSR                    -0.020        2.205                    -4.711       -9.505   
                                (4.010)      (7.274)                   (6.647)     (10.984)   

Mort/HV x TopQ                                 8.044                                 15.017   
                                            (25.109)                               (43.403)   

Mort DSR x TopQ                               -7.009                                 52.131   
                                            (45.223)                               (50.888)   

Constant             4.417        1.794        4.650       21.762       15.880       26.165   
                  (12.031)     (11.220)     (12.160)     (20.820)     (18.950)     (21.261)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.013        0.012        0.010        0.016        0.012        0.012   
Observations          1605         1605         1605          583          583          583   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
