2: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, , Dep var = del(C/Yavg)
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age             0.001       -0.006       -0.006       -0.031       -0.035       -0.041   
                   (0.055)      (0.055)      (0.055)      (0.058)      (0.054)      (0.059)   

Head college d~e    -1.121       -1.091       -1.127       -2.289*      -2.324*      -2.251*  
                   (1.762)      (1.757)      (1.765)      (1.436)      (1.432)      (1.438)   

Income in t-1       -0.002       -0.003       -0.003        0.005        0.005        0.005   
                   (0.009)      (0.009)      (0.010)      (0.007)      (0.007)      (0.007)   

State UR             0.966        0.973        0.976       -0.176       -0.142       -0.151   
                   (0.908)      (0.908)      (0.909)      (0.778)      (0.778)      (0.779)   

del(State UR)       -1.187       -1.198       -1.200       -0.859       -0.906       -0.901   
                   (1.300)      (1.300)      (1.301)      (1.116)      (1.114)      (1.117)   

del(NW/Yavg)         0.005        0.005        0.005        0.004        0.004        0.004   
                   (0.004)      (0.004)      (0.004)      (0.003)      (0.003)      (0.003)   

del(Y/Yavg)          0.092***     0.092***     0.092***     0.043***     0.043***     0.042***
                   (0.015)      (0.015)      (0.015)      (0.017)      (0.017)      (0.017)   

Mort/HV             -2.401                     1.456       -1.971                    -1.120   
                   (2.349)                   (5.178)      (2.350)                   (3.501)   

Top Quint M/HV                   -2.669       -5.065                    -2.076      -10.538   
                                (1.875)      (8.743)                   (1.655)      (8.407)   

Mort/HV x TopQ                                 1.736                                 10.445   
                                            (11.903)                               (10.072)   

Constant            -4.784       -4.480       -4.597        5.619        5.477        6.147   
                   (5.243)      (5.235)      (5.247)      (5.298)      (4.888)      (5.356)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.010        0.010        0.010        0.005        0.005        0.005   
Observations          3566         3566         3566         2141         2141         2141   
----------------------------------------------------------------------------------------------
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
2: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, , Dep var = del(C/Yavg)
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age             0.009        0.009        0.001       -0.151       -0.132       -0.154   
                   (0.061)      (0.058)      (0.061)      (0.143)      (0.130)      (0.145)   

Head college d~e    -3.568***    -3.569***    -3.475***     0.627        0.513        0.589   
                   (1.550)      (1.548)      (1.553)      (3.328)      (3.323)      (3.336)   

Income in t-1        0.012        0.012        0.013        0.000       -0.000       -0.000   
                   (0.010)      (0.010)      (0.010)      (0.011)      (0.011)      (0.011)   

State UR            -0.149       -0.141       -0.145       -2.706       -2.647       -2.688   
                   (0.837)      (0.837)      (0.838)      (2.417)      (2.414)      (2.421)   

del(State UR)       -0.719       -0.729       -0.721        2.844        2.709        2.756   
                   (1.226)      (1.224)      (1.226)      (3.605)      (3.602)      (3.613)   

del(NW/Yavg)        -0.002       -0.002       -0.002        0.015***     0.015***     0.015***
                   (0.004)      (0.004)      (0.004)      (0.006)      (0.006)      (0.007)   

del(Y/Yavg)          0.011        0.011        0.010        0.130***     0.131***     0.131***
                   (0.018)      (0.018)      (0.018)      (0.041)      (0.041)      (0.041)   

Mort/HV             -0.651                    -1.478       -5.733                    -3.058   
                   (2.439)                   (3.611)      (5.989)                   (8.876)   

Top Quint M/HV                   -0.580       -9.251                    -4.384       -9.100   
                                (1.750)      (8.873)                   (4.002)     (22.051)   

Mort/HV x TopQ                                10.774                                  7.292   
                                            (10.499)                               (26.961)   

Constant             2.399        2.250        3.027       17.757       15.661       17.845   
                   (5.509)      (5.117)      (5.553)     (13.744)     (12.521)     (13.992)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.001        0.001        0.000        0.023        0.024        0.021   
Observations          1579         1579         1579          562          562          562   
----------------------------------------------------------------------------------------------
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
2: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort DSR, , Dep var = del(C/Yavg)
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age             0.016        0.009        0.014       -0.009       -0.013       -0.032   
                   (0.054)      (0.054)      (0.055)      (0.049)      (0.050)      (0.054)   

Head college d~e    -0.963       -0.993       -0.833       -2.107*      -2.245*      -1.986   
                   (1.755)      (1.761)      (1.769)      (1.435)      (1.435)      (1.442)   

Income in t-1       -0.004       -0.004       -0.004        0.003        0.003        0.002   
                   (0.009)      (0.009)      (0.010)      (0.007)      (0.007)      (0.007)   

State UR             0.956        0.872        0.923       -0.165       -0.263       -0.249   
                   (0.909)      (0.912)      (0.912)      (0.778)      (0.782)      (0.783)   

del(State UR)       -1.073       -0.990       -1.031       -0.740       -0.641       -0.582   
                   (1.301)      (1.305)      (1.305)      (1.114)      (1.123)      (1.125)   

del(NW/Yavg)         0.004        0.004        0.004        0.003        0.003        0.003   
                   (0.004)      (0.004)      (0.004)      (0.003)      (0.003)      (0.003)   

del(Y/Yavg)          0.101***     0.099***     0.101***     0.064***     0.058***     0.065***
                   (0.015)      (0.015)      (0.016)      (0.018)      (0.017)      (0.018)   

Mort DSR            -6.914***                -11.513       -5.596***                -15.325   
                   (2.852)                  (16.592)      (2.030)                  (11.982)   

Top Quint DSR                    -2.913*      -1.414                    -2.574*      -2.308   
                                (1.979)      (2.323)                   (1.710)      (2.262)   

Mort DSR x TopQ                                5.482                                 10.543   
                                            (16.940)                               (12.210)   

Constant            -5.873       -5.140       -5.407        3.965        4.374        6.299   
                   (5.167)      (5.202)      (5.222)      (4.617)      (4.698)      (5.138)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.012        0.011        0.012        0.010        0.007        0.009   
Observations          3556         3556         3556         2131         2131         2131   
----------------------------------------------------------------------------------------------
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
2: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort DSR, , Dep var = del(C/Yavg)
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age             0.008        0.017        0.022       -0.076       -0.097       -0.205*  
                   (0.052)      (0.053)      (0.056)      (0.120)      (0.123)      (0.136)   

Head college d~e    -3.405***    -3.476***    -3.512***     0.957        0.627        1.127   
                   (1.545)      (1.551)      (1.554)      (3.348)      (3.341)      (3.346)   

Income in t-1        0.008        0.009        0.008       -0.001       -0.001       -0.004   
                   (0.010)      (0.010)      (0.010)      (0.011)      (0.011)      (0.011)   

State UR            -0.119       -0.189       -0.073       -2.427       -2.620       -2.484   
                   (0.835)      (0.839)      (0.839)      (2.428)      (2.425)      (2.424)   

del(State UR)       -0.622       -0.589       -0.711        2.575        2.814        2.698   
                   (1.219)      (1.228)      (1.228)      (3.625)      (3.626)      (3.621)   

del(NW/Yavg)        -0.003       -0.003       -0.003        0.014***     0.014***     0.013** 
                   (0.004)      (0.004)      (0.004)      (0.007)      (0.007)      (0.007)   

del(Y/Yavg)          0.034**      0.026        0.034**      0.149***     0.144***     0.151***
                   (0.019)      (0.019)      (0.019)      (0.044)      (0.043)      (0.044)   

Mort DSR            -7.175***                 -0.052       -4.408                   -50.742***
                   (2.527)                  (13.531)      (3.685)                  (24.444)   

Top Quint DSR                    -1.012        1.550                    -3.985       -9.583** 
                                (1.780)      (2.354)                   (4.203)      (5.702)   

Mort DSR x TopQ                               -7.808                                 48.578** 
                                            (13.842)                               (24.894)   

Constant             2.774        1.923        1.269       10.896       12.786       23.557** 
                   (4.846)      (4.941)      (5.331)     (11.797)     (11.999)     (13.321)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.007        0.002        0.006        0.025        0.024        0.029   
Observations          1572         1572         1572          559          559          559   
----------------------------------------------------------------------------------------------
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
2: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, Mort DSR, Dep var = del(C/Yavg)
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age             0.016        0.001        0.021       -0.009       -0.033       -0.018   
                   (0.055)      (0.055)      (0.056)      (0.058)      (0.055)      (0.059)   

Head college d~e    -0.964       -0.912       -0.841       -2.098*      -2.208*      -1.972   
                   (1.766)      (1.765)      (1.770)      (1.438)      (1.437)      (1.443)   

Income in t-1       -0.004       -0.004       -0.007        0.003        0.003        0.001   
                   (0.009)      (0.009)      (0.010)      (0.007)      (0.007)      (0.007)   

State UR             0.953        0.896        0.882       -0.170       -0.237       -0.251   
                   (0.910)      (0.913)      (0.913)      (0.779)      (0.783)      (0.785)   

del(State UR)       -1.068       -1.039       -0.893       -0.734       -0.678       -0.546   
                   (1.303)      (1.308)      (1.310)      (1.116)      (1.126)      (1.130)   

del(NW/Yavg)         0.004        0.004        0.004        0.003        0.004        0.003   
                   (0.004)      (0.004)      (0.004)      (0.003)      (0.003)      (0.003)   

del(Y/Yavg)          0.101***     0.098***     0.104***     0.064***     0.058***     0.068***
                   (0.016)      (0.015)      (0.016)      (0.018)      (0.017)      (0.018)   

Mort/HV              0.089                    21.541***     0.016                     7.235   
                   (2.564)                  (10.012)      (2.453)                   (5.161)   

Mort DSR            -6.956***                -69.082***    -5.597***                -31.373** 
                   (3.107)                  (34.317)      (2.120)                  (17.717)   

Top Quint M/HV                   -1.640        2.605                    -1.525       -6.147   
                                (2.178)      (9.591)                   (1.724)      (8.700)   

Top Quint DSR                    -2.041       -8.986**                  -2.143       -4.855*  
                                (2.292)      (4.700)                   (1.778)      (3.111)   

Mort/HV x TopQ                               -15.495                                  3.122   
                                            (14.546)                               (10.763)   

Mort DSR x TopQ                               62.841**                               26.386*  
                                            (34.376)                               (17.767)   

Constant            -5.893       -4.638       -6.094        3.970        5.666        4.919   
                   (5.258)      (5.245)      (5.267)      (5.314)      (4.916)      (5.387)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.012        0.011        0.012        0.009        0.007        0.009   
Observations          3554         3554         3554         2129         2129         2129   
----------------------------------------------------------------------------------------------
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
2: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, Mort DSR, Dep var = del(C/Yavg)
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age             0.030        0.013        0.020       -0.130       -0.138       -0.155   
                   (0.061)      (0.058)      (0.062)      (0.145)      (0.131)      (0.147)   

Head college d~e    -3.469***    -3.463***    -3.440***     1.063        0.727        0.929   
                   (1.549)      (1.553)      (1.557)      (3.357)      (3.348)      (3.356)   

Income in t-1        0.007        0.009        0.008       -0.001       -0.002       -0.007   
                   (0.010)      (0.010)      (0.011)      (0.011)      (0.011)      (0.011)   

State UR            -0.105       -0.188       -0.060       -2.551       -2.671       -2.214   
                   (0.836)      (0.840)      (0.840)      (2.438)      (2.430)      (2.437)   

del(State UR)       -0.651       -0.583       -0.726        2.700        2.788        2.346   
                   (1.222)      (1.231)      (1.232)      (3.634)      (3.631)      (3.633)   

del(NW/Yavg)        -0.003       -0.003       -0.003        0.014***     0.014***     0.012** 
                   (0.004)      (0.004)      (0.004)      (0.007)      (0.007)      (0.007)   

del(Y/Yavg)          0.035**      0.026        0.033**      0.147***     0.142***     0.161***
                   (0.019)      (0.019)      (0.019)      (0.044)      (0.043)      (0.045)   

Mort/HV              1.863                    -0.397       -4.168                    19.630*  
                   (2.557)                   (5.545)      (6.303)                  (12.459)   

Mort DSR            -7.773***                  2.147       -3.658                   -84.787***
                   (2.658)                  (20.848)      (3.856)                  (33.964)   

Top Quint M/HV                   -0.322      -11.168                    -3.801       -0.023   
                                (1.819)      (9.336)                   (4.213)     (22.449)   

Top Quint DSR                    -0.923        1.734                    -2.839      -16.164***
                                (1.850)      (3.376)                   (4.389)      (7.574)   

Mort/HV x TopQ                                12.832                                -10.639   
                                            (11.463)                               (27.920)   

Mort DSR x TopQ                              -10.409                                 82.255***
                                            (20.966)                               (34.010)   

Constant             0.882        2.187        1.255       15.872       16.302       18.674   
                   (5.506)      (5.152)      (5.561)     (13.934)     (12.604)     (14.231)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.007        0.001        0.005        0.024        0.024        0.028   
Observations          1571         1571         1571          558          558          558   
----------------------------------------------------------------------------------------------
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
