4: All households, 2005-2007, 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            -0.360***    -0.369***    -0.363***    -0.298***    -0.241***    -0.305***
                   (0.075)      (0.076)      (0.076)      (0.115)      (0.106)      (0.115)   

Head college d~e    -3.685       -3.699       -3.605       -1.908       -2.097       -1.771   
                   (2.626)      (2.623)      (2.628)      (3.000)      (2.996)      (3.003)   

Income in t-1        0.021        0.019        0.022        0.012        0.011        0.015   
                   (0.017)      (0.016)      (0.017)      (0.018)      (0.018)      (0.018)   

State UR            -1.255       -1.200       -1.195       -0.137       -0.111       -0.152   
                   (1.230)      (1.230)      (1.231)      (1.512)      (1.513)      (1.513)   

del(State UR)       -3.552**     -3.657**     -3.553**     -2.767       -2.746       -2.538   
                   (2.073)      (2.074)      (2.078)      (2.612)      (2.618)      (2.622)   

del(IHS Y)           0.118***     0.119***     0.118***     0.095***     0.095***     0.094***
                   (0.016)      (0.016)      (0.016)      (0.025)      (0.025)      (0.025)   

del(IHS NW)          0.020***     0.020***     0.019***     0.023***     0.021***     0.021***
                   (0.005)      (0.005)      (0.005)      (0.008)      (0.008)      (0.008)   

Mort/HV             -5.474**                  -3.054       -5.314                   -10.486*  
                   (3.313)                   (7.044)      (4.734)                   (6.864)   

Top Quint M/HV                   -5.246***   -16.972                    -0.876      -11.642   
                                (2.670)     (12.507)                   (3.371)     (16.606)   

Mort/HV x TopQ                                17.059                                 18.363   
                                            (16.825)                               (19.790)   

Constant            26.736***    26.661***    26.514***    19.370**     14.338       20.724** 
                   (7.508)      (7.482)      (7.509)     (10.946)     (10.129)     (11.012)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.030        0.031        0.030        0.013        0.013        0.013   
Observations          3519         3519         3519         2105         2105         2105   
----------------------------------------------------------------------------------------------
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
4: All households, 2005-2007, 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            -0.437***    -0.358***    -0.438***     0.151        0.063        0.135   
                   (0.132)      (0.124)      (0.133)      (0.230)      (0.206)      (0.234)   

Head college d~e    -2.399       -2.685       -2.278       -0.377       -0.235        0.031   
                   (3.566)      (3.562)      (3.569)      (5.547)      (5.563)      (5.572)   

Income in t-1        0.002       -0.000        0.006        0.011        0.011        0.012   
                   (0.024)      (0.024)      (0.024)      (0.026)      (0.026)      (0.027)   

State UR             0.089        0.143        0.087        6.330**      6.280**      6.115** 
                   (1.805)      (1.806)      (1.806)      (3.658)      (3.677)      (3.685)   

del(State UR)       -4.564*      -4.628*      -4.400*     -11.995      -12.315      -11.765   
                   (3.028)      (3.032)      (3.034)      (8.806)      (8.806)      (8.822)   

del(IHS Y)           0.088***     0.089***     0.087***     0.130***     0.132***     0.130***
                   (0.029)      (0.029)      (0.029)      (0.051)      (0.051)      (0.051)   

del(IHS NW)          0.020***     0.019***     0.019***     0.031**      0.033***     0.031** 
                   (0.009)      (0.009)      (0.009)      (0.017)      (0.017)      (0.017)   

Mort/HV             -8.107*                  -12.883**      7.929                     9.366   
                   (5.352)                   (7.469)     (10.256)                  (15.993)   

Top Quint M/HV                   -2.055      -12.059                     0.782      -25.987   
                                (3.965)     (20.085)                   (6.501)     (29.172)   

Mort/HV x TopQ                                18.465                                 27.793   
                                            (23.329)                               (37.743)   

Constant            24.516**     17.373       25.390**    -35.453*     -27.646      -33.599   
                  (13.194)     (12.344)     (13.232)     (23.277)     (21.625)     (23.587)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.015        0.014        0.014        0.015        0.014        0.013   
Observations          1552         1552         1552          553          553          553   
----------------------------------------------------------------------------------------------
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
4: All households, 2005-2007, 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            -0.346***    -0.347***    -0.346***    -0.237***    -0.234***    -0.191** 
                   (0.075)      (0.075)      (0.075)      (0.097)      (0.098)      (0.106)   

Head college d~e    -3.803*      -3.868*      -3.817*      -1.893       -1.909       -2.180   
                   (2.624)      (2.629)      (2.635)      (3.000)      (3.001)      (3.012)   

Income in t-1        0.014        0.013        0.015        0.010        0.010        0.010   
                   (0.016)      (0.016)      (0.017)      (0.018)      (0.018)      (0.018)   

State UR            -1.308       -1.304       -1.299       -0.243       -0.240       -0.145   
                   (1.231)      (1.232)      (1.232)      (1.515)      (1.515)      (1.517)   

del(State UR)       -3.453**     -3.491**     -3.451**     -2.742       -2.767       -2.900   
                   (2.074)      (2.073)      (2.074)      (2.615)      (2.613)      (2.620)   

del(IHS Y)           0.123***     0.123***     0.123***     0.103***     0.102***     0.102***
                   (0.016)      (0.016)      (0.016)      (0.026)      (0.025)      (0.026)   

del(IHS NW)          0.019***     0.019***     0.019***     0.021***     0.021***     0.020***
                   (0.005)      (0.005)      (0.005)      (0.008)      (0.008)      (0.008)   

Mort DSR            -2.097                   -10.306       -0.479                    26.228   
                   (4.459)                  (24.403)      (4.572)                  (24.817)   

Top Quint DSR                     0.414        0.848                     0.375        3.522   
                                (2.779)      (3.325)                   (3.411)      (4.517)   

Mort DSR x TopQ                                7.695                                -28.081   
                                            (25.024)                               (25.317)   

Constant            25.662***    25.439***    25.602***    14.780*      14.425*       9.659   
                   (7.452)      (7.477)      (7.502)      (9.751)      (9.840)     (10.807)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.030        0.030        0.030        0.014        0.014        0.014   
Observations          3514         3514         3514         2100         2100         2100   
----------------------------------------------------------------------------------------------
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
4: All households, 2005-2007, 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            -0.341***    -0.338***    -0.341***     0.130        0.064        0.195   
                   (0.113)      (0.114)      (0.123)      (0.198)      (0.196)      (0.215)   

Head college d~e    -2.796       -2.797       -2.799        0.552        0.777        0.254   
                   (3.562)      (3.564)      (3.583)      (5.550)      (5.562)      (5.561)   

Income in t-1       -0.002       -0.001       -0.002        0.016        0.010        0.014   
                   (0.024)      (0.024)      (0.024)      (0.027)      (0.027)      (0.027)   

State UR             0.000       -0.004        0.001        5.789*       6.256**      5.834*  
                   (1.809)      (1.810)      (1.811)      (3.667)      (3.671)      (3.670)   

del(State UR)       -4.531*      -4.606*      -4.528*     -13.652*     -13.127*     -14.196*  
                   (3.030)      (3.029)      (3.034)      (8.773)      (8.789)      (8.790)   

del(IHS Y)           0.100***     0.097***     0.100***     0.127***     0.137***     0.124***
                   (0.030)      (0.029)      (0.030)      (0.051)      (0.051)      (0.051)   

del(IHS NW)          0.018***     0.018***     0.018***     0.030**      0.032**      0.030** 
                   (0.009)      (0.009)      (0.009)      (0.017)      (0.017)      (0.017)   

Mort DSR            -3.041                    -3.147       27.748**                  72.979*  
                   (4.811)                  (30.569)     (16.312)                  (44.367)   

Top Quint DSR                    -0.668        0.125                     3.337        0.544   
                                (3.942)      (5.061)                   (6.690)     (13.365)   

Mort DSR x TopQ                                0.057                                -43.581   
                                            (31.012)                               (51.705)   

Constant            17.443*      16.921       17.397      -34.144*     -28.326      -41.462** 
                  (11.860)     (11.967)     (12.901)     (20.812)     (20.598)     (22.423)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.015        0.015        0.014        0.021        0.016        0.020   
Observations          1550         1550         1550          550          550          550   
----------------------------------------------------------------------------------------------
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
4: All households, 2005-2007, 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            -0.360***    -0.373***    -0.385***    -0.294***    -0.238***    -0.298***
                   (0.076)      (0.076)      (0.077)      (0.115)      (0.107)      (0.115)   

Head college d~e    -3.541       -3.683       -3.839*      -1.689       -1.876       -2.031   
                   (2.630)      (2.630)      (2.633)      (3.006)      (3.003)      (3.007)   

Income in t-1        0.020        0.019        0.027*       0.010        0.010        0.022   
                   (0.017)      (0.016)      (0.017)      (0.018)      (0.018)      (0.018)   

State UR            -1.347       -1.248       -1.184       -0.296       -0.271       -0.006   
                   (1.232)      (1.232)      (1.232)      (1.516)      (1.516)      (1.516)   

del(State UR)       -3.561**     -3.750**     -3.832**     -2.795       -2.754       -3.178   
                   (2.077)      (2.078)      (2.082)      (2.620)      (2.625)      (2.631)   

del(IHS Y)           0.121***     0.120***     0.117***     0.101***     0.101***     0.090***
                   (0.016)      (0.016)      (0.016)      (0.026)      (0.025)      (0.026)   

del(IHS NW)          0.019***     0.020***     0.019***     0.022***     0.021***     0.021***
                   (0.005)      (0.005)      (0.005)      (0.008)      (0.008)      (0.008)   

Mort/HV             -5.108                   -32.270***    -4.836                   -32.672***
                   (3.615)                  (13.189)      (4.897)                   (9.925)   

Mort DSR             0.590                   112.650***     0.704                   109.394***
                   (4.853)                  (47.289)      (4.720)                  (35.410)   

Top Quint M/HV                   -6.351***   -32.026***                 -0.511      -26.211*  
                                (2.997)     (13.615)                   (3.446)     (17.242)   

Top Quint DSR                     3.333       16.955***                  0.545       16.241***
                                (3.116)      (6.275)                   (3.482)      (5.984)   

Mort/HV x TopQ                                47.598***                              43.375***
                                            (20.154)                               (21.228)   

Mort DSR x TopQ                             -114.554***                            -110.466***
                                            (47.449)                               (35.602)   

Constant            27.095***    26.714***    26.563***    19.745**     14.825*      16.375*  
                   (7.517)      (7.497)      (7.513)     (10.968)     (10.238)     (11.122)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.031        0.031        0.032        0.014        0.013        0.017   
Observations          3512         3512         3512         2098         2098         2098   
----------------------------------------------------------------------------------------------
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
4: All households, 2005-2007, 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            -0.429***    -0.356***    -0.437***     0.167        0.080        0.144   
                   (0.133)      (0.124)      (0.134)      (0.229)      (0.208)      (0.234)   

Head college d~e    -2.458       -2.723       -2.829        0.490        0.681        0.384   
                   (3.570)      (3.568)      (3.581)      (5.558)      (5.585)      (5.591)   

Income in t-1        0.000       -0.001        0.014        0.015        0.010        0.021   
                   (0.024)      (0.024)      (0.025)      (0.027)      (0.027)      (0.028)   

State UR            -0.085       -0.042        0.005        5.877*       6.353**      5.811*  
                   (1.810)      (1.811)      (1.811)      (3.680)      (3.701)      (3.703)   

del(State UR)       -4.526*      -4.612*      -4.327      -13.454*     -13.048*     -14.203*  
                   (3.033)      (3.036)      (3.039)      (8.802)      (8.804)      (8.849)   

del(IHS Y)           0.097***     0.096***     0.086***     0.127***     0.137***     0.121***
                   (0.030)      (0.029)      (0.030)      (0.051)      (0.051)      (0.051)   

del(IHS NW)          0.020***     0.018***     0.019***     0.030**      0.031**      0.029** 
                   (0.009)      (0.009)      (0.009)      (0.017)      (0.017)      (0.017)   

Mort/HV             -7.177                   -28.346***     3.508                   -17.239   
                   (5.539)                  (11.334)     (10.926)                  (21.571)   

Mort DSR            -1.428                    80.515**     25.785*                  107.051** 
                   (4.963)                  (45.274)     (17.434)                  (59.496)   

Top Quint M/HV                   -1.726      -25.392                     1.432      -39.861   
                                (4.091)     (21.016)                   (6.585)     (30.378)   

Top Quint DSR                    -0.166       12.857**                   3.128        4.348   
                                (4.063)      (7.187)                   (6.764)     (15.051)   

Mort/HV x TopQ                                38.458*                                57.752   
                                            (25.129)                               (41.093)   

Mort DSR x TopQ                              -82.857**                              -75.255   
                                            (45.370)                               (64.740)   

Constant            24.996**     18.287*      23.879**    -37.481*     -29.842      -37.874*  
                  (13.217)     (12.431)     (13.309)     (23.278)     (21.763)     (23.748)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.015        0.014        0.016        0.019        0.014        0.018   
Observations          1548         1548         1548          550          550          550   
----------------------------------------------------------------------------------------------
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
