3: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, , Using ex post debt variables
----------------------------------------------------------------------------------------------
                       (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**     -0.124**     -0.121*      -0.108       -0.116       -0.127   
                   (0.074)      (0.075)      (0.075)      (0.105)      (0.101)      (0.106)   

Head college d~e    -5.763***    -5.750***    -5.519***    -5.894***    -5.960***    -5.881***
                   (2.399)      (2.394)      (2.406)      (2.793)      (2.789)      (2.799)   

Income in t-1        0.008        0.008        0.009        0.020*       0.020*       0.020*  
                   (0.013)      (0.013)      (0.013)      (0.013)      (0.013)      (0.013)   

State UR             0.281        0.280        0.226       -0.067       -0.066       -0.166   
                   (1.243)      (1.243)      (1.244)      (1.520)      (1.520)      (1.523)   

del(State UR)       -0.014       -0.014       -0.019       -1.098       -1.091       -1.037   
                   (1.775)      (1.774)      (1.775)      (2.170)      (2.169)      (2.171)   

del(IHS Y)           0.106***     0.106***     0.105***     0.063***     0.063***     0.064***
                   (0.016)      (0.016)      (0.016)      (0.024)      (0.024)      (0.024)   

del(IHS NW)          0.023***     0.023***     0.025***     0.020***     0.019***     0.022***
                   (0.004)      (0.004)      (0.005)      (0.006)      (0.006)      (0.006)   

Mort/HV             -0.724                    -3.622       -1.703                    -2.052   
                   (2.941)                   (6.175)      (3.861)                   (6.081)   

Top Quint M/HV                   -0.945      -13.912                    -2.705      -17.517   
                                (2.666)     (10.532)                   (3.345)     (13.219)   

Mort/HV x TopQ                                17.609                                 17.187   
                                            (13.062)                               (14.948)   

Constant             0.009        0.134        0.752        5.849        6.195        8.020   
                   (7.121)      (7.124)      (7.146)      (9.616)      (9.270)      (9.823)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.022        0.022        0.022        0.010        0.010        0.010   
Observations          3631         3631         3631         2192         2192         2192   
----------------------------------------------------------------------------------------------
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
3: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, , Using ex post debt variables
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.027       -0.078       -0.038       -0.297*      -0.264       -0.360** 
                   (0.123)      (0.118)      (0.124)      (0.204)      (0.196)      (0.207)   

Head college d~e    -9.810***    -9.653***    -9.856***     3.109        2.695        2.920   
                   (3.357)      (3.351)      (3.360)      (5.121)      (5.133)      (5.132)   

Income in t-1        0.031        0.032*       0.029        0.013        0.012        0.012   
                   (0.022)      (0.022)      (0.022)      (0.017)      (0.017)      (0.017)   

State UR             0.149        0.234        0.110       -3.687       -3.739       -3.764   
                   (1.822)      (1.821)      (1.826)      (3.703)      (3.704)      (3.702)   

del(State UR)       -1.112       -1.150       -1.098        3.673        3.602        3.440   
                   (2.654)      (2.654)      (2.657)      (5.537)      (5.533)      (5.539)   

del(IHS Y)           0.048**      0.047**      0.049**      0.102***     0.101***     0.103***
                   (0.028)      (0.028)      (0.028)      (0.049)      (0.049)      (0.049)   

del(IHS NW)          0.028***     0.026***     0.028***     0.003        0.003        0.008   
                   (0.007)      (0.007)      (0.008)      (0.010)      (0.010)      (0.011)   

Mort/HV              1.546                     7.132      -12.334**                 -13.932   
                   (4.590)                   (7.490)      (7.378)                  (10.738)   

Top Quint M/HV                   -3.210      -17.928                   -11.572**    -44.243** 
                                (3.825)     (15.230)                   (6.881)     (26.500)   

Mort/HV x TopQ                                11.357                                 41.950*  
                                            (17.718)                               (28.062)   

Constant            -0.120        3.109        0.489       24.422       20.661       31.422*  
                  (11.132)     (10.751)     (11.362)     (19.425)     (18.689)     (19.936)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.012        0.012        0.013        0.009        0.009        0.010   
Observations          1610         1610         1610          582          582          582   
----------------------------------------------------------------------------------------------
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
3: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort DSR, , Using ex post debt variables
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.119*      -0.122**     -0.121**     -0.100       -0.116       -0.105   
                   (0.073)      (0.073)      (0.073)      (0.096)      (0.095)      (0.100)   

Head college d~e    -5.755***    -5.605***    -5.690***    -6.048***    -6.165***    -6.260***
                   (2.389)      (2.390)      (2.405)      (2.787)      (2.783)      (2.795)   

Income in t-1        0.007        0.007        0.006        0.018        0.015        0.015   
                   (0.013)      (0.013)      (0.013)      (0.013)      (0.014)      (0.014)   

State UR             0.221        0.152        0.145       -0.125       -0.354       -0.333   
                   (1.243)      (1.243)      (1.244)      (1.520)      (1.521)      (1.522)   

del(State UR)        0.102        0.223        0.237       -0.960       -0.587       -0.640   
                   (1.775)      (1.777)      (1.779)      (2.174)      (2.175)      (2.178)   

del(IHS Y)           0.111***     0.111***     0.111***     0.073***     0.070***     0.071***
                   (0.016)      (0.016)      (0.016)      (0.026)      (0.026)      (0.026)   

del(IHS NW)          0.021***     0.021***     0.021***     0.018***     0.016***     0.016***
                   (0.004)      (0.004)      (0.004)      (0.006)      (0.006)      (0.006)   

Mort DSR            -7.213                     7.228       -7.469                     8.861   
                   (6.817)                  (23.011)      (7.369)                  (23.267)   

Top Quint DSR                    -4.535**     -3.882                    -8.469***    -9.019** 
                                (2.738)      (4.046)                   (3.374)      (5.109)   

Mort DSR x TopQ                               -8.563                                 -5.173   
                                            (25.165)                               (25.405)   

Constant             0.261        0.759        0.552        5.741        8.026        6.890   
                   (7.059)      (7.063)      (7.097)      (9.153)      (9.103)      (9.598)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.023        0.023        0.023        0.011        0.013        0.013   
Observations          3637         3637         3637         2198         2198         2198   
----------------------------------------------------------------------------------------------
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
3: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort DSR, , Using ex post debt variables
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.039       -0.066       -0.044       -0.217       -0.206       -0.232   
                   (0.113)      (0.113)      (0.119)      (0.186)      (0.185)      (0.196)   

Head college d~e    -9.800***    -9.561***    -9.849***     2.153        2.130        1.991   
                   (3.362)      (3.354)      (3.368)      (5.101)      (5.102)      (5.110)   

Income in t-1        0.031        0.025        0.025        0.010        0.010        0.009   
                   (0.022)      (0.022)      (0.022)      (0.017)      (0.017)      (0.017)   

State UR             0.322        0.144        0.162       -3.519       -3.414       -3.411   
                   (1.822)      (1.821)      (1.822)      (3.673)      (3.674)      (3.680)   

del(State UR)       -1.288       -0.996       -1.071        3.386        3.038        3.126   
                   (2.660)      (2.659)      (2.660)      (5.493)      (5.499)      (5.508)   

del(IHS Y)           0.058**      0.053**      0.058**      0.115***     0.114***     0.114***
                   (0.030)      (0.030)      (0.030)      (0.049)      (0.049)      (0.049)   

del(IHS NW)          0.026***     0.025***     0.025***     0.006        0.006        0.005   
                   (0.007)      (0.007)      (0.007)      (0.008)      (0.008)      (0.009)   

Mort DSR            -0.036                    22.781      -17.238*                  -15.402   
                  (10.108)                  (30.353)     (10.782)                  (36.428)   

Top Quint DSR                    -6.982**     -9.466*                   -9.669*      -6.973   
                                (3.933)      (6.069)                   (6.023)      (9.320)   

Mort DSR x TopQ                               -8.921                                  5.066   
                                            (33.639)                               (38.855)   

Constant             0.213        3.942        1.525       18.095       17.635       20.119   
                  (10.733)     (10.689)     (11.185)     (18.203)     (18.148)     (19.268)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.012        0.014        0.014        0.010        0.010        0.008   
Observations          1611         1611         1611          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
3: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, Mort DSR, Using ex post debt variables
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.110*      -0.113*      -0.107       -0.096       -0.118       -0.105   
                   (0.074)      (0.075)      (0.075)      (0.105)      (0.101)      (0.106)   

Head college d~e    -5.798***    -5.647***    -5.522***    -6.014***    -6.119***    -6.228***
                   (2.401)      (2.398)      (2.411)      (2.795)      (2.789)      (2.803)   

Income in t-1        0.005        0.006        0.004        0.018        0.015        0.014   
                   (0.013)      (0.013)      (0.013)      (0.014)      (0.014)      (0.014)   

State UR             0.156        0.112        0.030       -0.220       -0.400       -0.525   
                   (1.245)      (1.246)      (1.247)      (1.526)      (1.525)      (1.531)   

del(State UR)        0.143        0.246        0.273       -0.897       -0.587       -0.542   
                   (1.778)      (1.780)      (1.781)      (2.178)      (2.178)      (2.184)   

del(IHS Y)           0.110***     0.110***     0.110***     0.070***     0.068***     0.069***
                   (0.016)      (0.016)      (0.016)      (0.026)      (0.026)      (0.026)   

del(IHS NW)          0.023***     0.022***     0.024***     0.020***     0.018***     0.021***
                   (0.004)      (0.004)      (0.005)      (0.006)      (0.006)      (0.006)   

Mort/HV              2.456                     2.391        0.818                     2.134   
                   (3.632)                  (11.986)      (4.327)                   (9.737)   

Mort DSR           -12.600*                   -7.146      -10.400                     2.252   
                   (8.512)                  (47.162)      (8.350)                  (37.586)   

Top Quint M/HV                    1.889      -11.808                    -0.179      -16.830   
                                (3.074)     (11.760)                   (3.492)     (13.840)   

Top Quint DSR                    -5.723**     -5.812                    -8.514***    -9.358   
                                (3.166)      (6.800)                   (3.535)      (6.893)   

Mort/HV x TopQ                                14.435                                 16.557   
                                            (16.420)                               (16.502)   

Mort DSR x TopQ                                2.134                                 -1.690   
                                            (48.210)                               (38.917)   

Constant             0.131        0.464        0.874        6.172        8.545        8.403   
                   (7.119)      (7.124)      (7.145)      (9.625)      (9.321)      (9.832)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.023        0.023        0.023        0.011        0.014        0.013   
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
3: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, Mort DSR, Using ex post debt variables
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.017       -0.080       -0.016       -0.295*      -0.269       -0.350** 
                   (0.124)      (0.118)      (0.125)      (0.204)      (0.196)      (0.208)   

Head college d~e    -9.746***    -9.502***    -9.737***     2.478        2.114        2.430   
                   (3.365)      (3.355)      (3.369)      (5.135)      (5.143)      (5.158)   

Income in t-1        0.028        0.025        0.016        0.012        0.011        0.013   
                   (0.022)      (0.022)      (0.023)      (0.017)      (0.017)      (0.017)   

State UR             0.062        0.027       -0.180       -3.604       -3.601       -4.071   
                   (1.828)      (1.826)      (1.832)      (3.703)      (3.705)      (3.732)   

del(State UR)       -1.028       -0.878       -0.707        3.552        3.311        3.889   
                   (2.662)      (2.660)      (2.666)      (5.538)      (5.541)      (5.599)   

del(IHS Y)           0.057**      0.055**      0.057**      0.104***     0.102***     0.105***
                   (0.030)      (0.030)      (0.030)      (0.049)      (0.049)      (0.050)   

del(IHS NW)          0.028***     0.026***     0.027***     0.003        0.002        0.008   
                   (0.007)      (0.007)      (0.008)      (0.010)      (0.010)      (0.011)   

Mort/HV              3.453                    16.864       -9.513                   -23.953   
                   (5.261)                  (11.967)      (8.044)                  (17.652)   

Mort DSR            -8.193                   -24.947      -10.783                    51.699   
                  (11.814)                  (49.000)     (11.792)                  (58.937)   

Top Quint M/HV                   -1.007      -13.741                    -9.312      -48.058** 
                                (4.048)     (16.036)                   (7.185)     (27.231)   

Top Quint DSR                    -6.848*     -14.348**                  -6.386        7.866   
                                (4.169)      (8.245)                   (6.340)     (13.290)   

Mort/HV x TopQ                                 4.963                                 50.611** 
                                            (19.701)                               (30.163)   

Mort DSR x TopQ                               32.199                                -61.774   
                                            (51.030)                               (60.830)   

Constant             0.140        5.334        1.547       24.948       22.291       30.341*  
                  (11.157)     (10.842)     (11.382)     (19.426)     (18.778)     (19.978)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.013        0.014        0.015        0.009        0.009        0.008   
Observations          1607         1607         1607          581          581          581   
----------------------------------------------------------------------------------------------
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
