5: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, , Pooled 05-07 & 07-09
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.247***    -0.144**     -0.138**     -0.209***    -0.136       -0.181*  
                   (0.053)      (0.074)      (0.075)      (0.074)      (0.105)      (0.113)   

Head college d~e    -4.662***    -5.423***    -5.209***    -4.428***    -5.886***    -5.607***
                   (1.770)      (2.392)      (2.404)      (2.006)      (2.786)      (2.797)   

Income in t-1        0.014        0.009        0.012        0.016*       0.019        0.020*  
                   (0.010)      (0.013)      (0.013)      (0.011)      (0.013)      (0.014)   

State UR             0.100        0.290        0.255        0.271       -0.011       -0.090   
                   (0.825)      (1.241)      (1.242)      (1.003)      (1.518)      (1.520)   

del(State UR)       -0.421       -0.032       -0.001       -1.767       -1.143       -1.033   
                   (1.212)      (1.773)      (1.774)      (1.482)      (2.169)      (2.173)   

del(IHS Y)           0.113***     0.106***     0.106***     0.069***     0.066***     0.065***
                   (0.011)      (0.016)      (0.016)      (0.017)      (0.024)      (0.024)   

del(IHS NW)          0.021***     0.021***     0.021***     0.016***     0.018***     0.018***
                   (0.003)      (0.004)      (0.004)      (0.004)      (0.005)      (0.005)   

d2009               -7.734**      0.000        0.000       -3.619        0.000        0.000   
                   (4.407)          (.)          (.)      (5.304)          (.)          (.)   

Mort/HV             -5.396***                 -6.398       -6.012***                 -7.406   
                   (2.273)                   (7.050)      (2.978)                   (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            17.621***     1.632        1.989       16.151***     7.303       11.851   
                   (5.393)      (7.126)      (7.140)      (7.293)      (9.506)     (10.399)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.033        0.022        0.022        0.023        0.010        0.010   
Observations          7160         3639         3639         4371         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
5: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, , Pooled 05-07 & 07-09
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.225***    -0.071       -0.108       -0.136       -0.199       -0.332*  
                   (0.086)      (0.124)      (0.133)      (0.148)      (0.198)      (0.217)   

Head college d~e    -6.760***    -9.657***    -9.477***     1.526        3.178        3.588   
                   (2.391)      (3.356)      (3.367)      (3.733)      (5.104)      (5.110)   

Income in t-1        0.018        0.031        0.034*       0.010        0.012        0.013   
                   (0.016)      (0.022)      (0.022)      (0.014)      (0.017)      (0.017)   

State UR             0.576        0.298        0.233        1.399       -3.665       -3.834   
                   (1.203)      (1.821)      (1.824)      (2.551)      (3.687)      (3.688)   

del(State UR)       -2.179       -1.197       -1.097       -3.481        3.392        3.615   
                   (1.803)      (2.659)      (2.663)      (4.037)      (5.514)      (5.518)   

del(IHS Y)           0.054***     0.047**      0.046*       0.127***     0.116***     0.118***
                   (0.019)      (0.028)      (0.028)      (0.035)      (0.049)      (0.049)   

del(IHS NW)          0.017***     0.026***     0.026***     0.013**      0.008        0.007   
                   (0.006)      (0.007)      (0.007)      (0.007)      (0.008)      (0.008)   

d2009               -0.959        0.000        0.000       -5.746        0.000        0.000   
                   (6.226)          (.)          (.)     (13.115)          (.)          (.)   

Mort/HV             -6.397**                  -6.246       -3.484                   -20.036*  
                   (3.378)                   (7.826)      (6.426)                  (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            14.679**      2.259        5.997        7.723       15.792       28.959   
                   (8.800)     (11.107)     (12.077)     (15.693)     (18.961)     (20.925)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.019        0.011        0.011        0.036        0.006        0.007   
Observations          3210         1613         1613         1161          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
5: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort DSR, , Pooled 05-07 & 07-09
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.225***    -0.116*      -0.111*      -0.143***    -0.088       -0.136   
                   (0.052)      (0.073)      (0.073)      (0.066)      (0.096)      (0.104)   

Head college d~e    -4.679***    -5.141***    -4.784***    -4.290***    -5.560***    -5.128** 
                   (1.765)      (2.398)      (2.411)      (2.008)      (2.796)      (2.811)   

Income in t-1        0.008        0.006        0.009        0.012        0.016        0.015   
                   (0.010)      (0.013)      (0.013)      (0.011)      (0.014)      (0.014)   

State UR             0.073        0.118        0.167        0.224       -0.149       -0.200   
                   (0.826)      (1.245)      (1.245)      (1.005)      (1.527)      (1.529)   

del(State UR)       -0.241        0.343        0.279       -1.561       -0.805       -0.640   
                   (1.212)      (1.779)      (1.780)      (1.484)      (2.188)      (2.193)   

del(IHS Y)           0.124***     0.122***     0.122***     0.090***     0.096***     0.101***
                   (0.012)      (0.017)      (0.017)      (0.018)      (0.027)      (0.028)   

del(IHS NW)          0.021***     0.021***     0.020***     0.016***     0.018***     0.018***
                   (0.003)      (0.004)      (0.004)      (0.004)      (0.006)      (0.006)   

d2009               -8.433**      0.000        0.000       -4.525        0.000        0.000   
                   (4.409)          (.)          (.)      (5.310)          (.)          (.)   

Mort DSR            -4.852***                -30.121       -3.887**                 -31.527   
                   (2.127)                  (22.699)      (2.107)                  (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            16.214***     0.207        0.469       11.524**      4.331        9.206   
                   (5.345)      (7.074)      (7.102)      (6.744)      (9.136)      (9.986)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.034        0.024        0.025        0.024        0.012        0.012   
Observations          7145         3629         3629         4356         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
5: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort DSR, , Pooled 05-07 & 07-09
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.156***    -0.037       -0.060       -0.096       -0.170       -0.285   
                   (0.077)      (0.114)      (0.122)      (0.131)      (0.186)      (0.203)   

Head college d~e    -6.916***    -9.575***    -9.417***     2.568        3.852        4.629   
                   (2.394)      (3.376)      (3.390)      (3.740)      (5.099)      (5.109)   

Income in t-1        0.013        0.028        0.028        0.006        0.008        0.003   
                   (0.016)      (0.022)      (0.022)      (0.014)      (0.017)      (0.017)   

State UR             0.543        0.275        0.288        1.669       -3.772       -3.380   
                   (1.206)      (1.831)      (1.835)      (2.552)      (3.681)      (3.682)   

del(State UR)       -2.069       -1.104       -1.074       -3.597        3.891        3.541   
                   (1.806)      (2.675)      (2.681)      (4.040)      (5.514)      (5.508)   

del(IHS Y)           0.072***     0.069***     0.071***     0.161***     0.175***     0.198***
                   (0.020)      (0.031)      (0.032)      (0.038)      (0.055)      (0.060)   

del(IHS NW)          0.017***     0.026***     0.026***     0.013**      0.007        0.006   
                   (0.006)      (0.007)      (0.007)      (0.007)      (0.009)      (0.009)   

d2009               -1.464        0.000        0.000       -6.342        0.000        0.000   
                   (6.233)          (.)          (.)     (13.126)          (.)          (.)   

Mort DSR            -3.976**                 -16.636       -4.842                   -64.278** 
                   (2.298)                  (29.440)      (5.452)                  (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             9.750        0.158        2.399        4.091       13.508       25.004   
                   (8.216)     (10.752)     (11.645)     (14.335)     (18.074)     (19.867)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.019        0.013        0.012        0.041        0.013        0.017   
Observations          3201         1606         1606         1155          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
5: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, Mort DSR, Pooled 05-07 & 07-09
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.238***    -0.132**     -0.114*      -0.201***    -0.129       -0.160   
                   (0.053)      (0.075)      (0.076)      (0.075)      (0.105)      (0.114)   

Head college d~e    -4.372***    -4.986***    -4.768***    -4.096***    -5.480**     -5.076** 
                   (1.773)      (2.403)      (2.413)      (2.012)      (2.799)      (2.815)   

Income in t-1        0.012        0.007        0.008        0.013        0.015        0.015   
                   (0.010)      (0.013)      (0.013)      (0.011)      (0.014)      (0.014)   

State UR             0.051        0.161        0.158        0.217       -0.095       -0.159   
                   (0.826)      (1.247)      (1.248)      (1.005)      (1.530)      (1.535)   

del(State UR)       -0.250        0.250        0.322       -1.564       -0.893       -0.724   
                   (1.213)      (1.784)      (1.788)      (1.486)      (2.195)      (2.206)   

del(IHS Y)           0.122***     0.121***     0.123***     0.088***     0.096***     0.100***
                   (0.012)      (0.017)      (0.017)      (0.018)      (0.027)      (0.028)   

del(IHS NW)          0.020***     0.020***     0.020***     0.015***     0.018***     0.017***
                   (0.003)      (0.004)      (0.004)      (0.004)      (0.006)      (0.006)   

d2009               -8.321**      0.000        0.000       -4.284        0.000        0.000   
                   (4.414)          (.)          (.)      (5.320)          (.)          (.)   

Mort/HV             -4.192**                   8.495       -5.158*                   -1.200   
                   (2.430)                  (13.422)      (3.137)                   (9.935)   

Mort DSR            -3.658*                  -48.779       -3.053                   -25.015   
                   (2.237)                  (45.799)      (2.167)                  (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            17.593***     1.206        0.465       16.319***     7.012       10.647   
                   (5.400)      (7.135)      (7.173)      (7.332)      (9.568)     (10.488)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.034        0.024        0.024        0.024        0.012        0.011   
Observations          7141         3627         3627         4353         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
5: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, Mort DSR, Pooled 05-07 & 07-09
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.220***    -0.063       -0.095       -0.112       -0.195       -0.293   
                   (0.087)      (0.124)      (0.134)      (0.149)      (0.198)      (0.221)   

Head college d~e    -6.672***    -9.500***    -9.408***     2.616        4.013        4.777   
                   (2.398)      (3.380)      (3.398)      (3.745)      (5.111)      (5.133)   

Income in t-1        0.015        0.028        0.030        0.006        0.008        0.004   
                   (0.016)      (0.022)      (0.023)      (0.014)      (0.017)      (0.017)   

State UR             0.530        0.286        0.301        1.607       -3.843       -3.492   
                   (1.206)      (1.834)      (1.839)      (2.558)      (3.689)      (3.706)   

del(State UR)       -2.019       -1.090       -1.104       -3.567        3.878        3.611   
                   (1.807)      (2.680)      (2.690)      (4.044)      (5.527)      (5.537)   

del(IHS Y)           0.070***     0.069***     0.069***     0.160***     0.174***     0.198***
                   (0.020)      (0.031)      (0.032)      (0.038)      (0.055)      (0.060)   

del(IHS NW)          0.017***     0.026***     0.026***     0.012**      0.006        0.006   
                   (0.006)      (0.007)      (0.007)      (0.007)      (0.009)      (0.009)   

d2009               -1.411        0.000        0.000       -6.220        0.000        0.000   
                   (6.242)          (.)          (.)     (13.142)          (.)          (.)   

Mort/HV             -5.647*                   -6.500       -1.553                    -3.448   
                   (3.572)                  (11.969)      (6.754)                  (18.656)   

Mort DSR            -3.137                     3.997       -4.416                   -58.276   
                   (2.359)                  (44.909)      (5.724)                  (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            15.012**      1.794        4.650        5.697       15.880       26.165   
                   (8.850)     (11.220)     (12.160)     (15.758)     (18.950)     (21.261)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.020        0.012        0.010        0.040        0.012        0.012   
Observations          3199         1605         1605         1154          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
