6: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, , UR interactions
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.138**     -0.143**     -0.138**     -0.179*      -0.133       -0.181*  
                   (0.074)      (0.075)      (0.075)      (0.112)      (0.105)      (0.113)   

Head college d~e    -5.266***    -5.422***    -5.209***    -5.708***    -5.881***    -5.607***
                   (2.399)      (2.392)      (2.404)      (2.790)      (2.787)      (2.797)   

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

State UR             0.494        0.337        0.255       -1.199        0.274       -0.090   
                   (1.328)      (1.292)      (1.242)      (1.795)      (1.598)      (1.520)   

del(State UR)       -0.018       -0.035       -0.001       -0.970       -1.166       -1.033   
                   (1.773)      (1.774)      (1.774)      (2.169)      (2.170)      (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              1.291                    -6.398      -28.097*                   -7.406   
                  (15.554)                   (7.050)     (19.481)                   (6.795)   

M/HV x UR           -0.784                                  2.332                             
                   (1.621)                                (2.009)                             

Top Quint M/HV                   -2.808       -5.742                     4.934      -13.084   
                               (12.643)     (12.028)                  (14.793)     (16.584)   

TopQ x UR                        -0.172                                 -0.882                
                                (1.324)                                (1.542)                

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

Constant            -0.282        1.186        1.989       21.593*       4.632       11.851   
                   (8.467)      (7.911)      (7.140)     (13.850)     (10.591)     (10.399)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.022        0.022        0.022        0.011        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
6: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, , UR interactions
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.114       -0.068       -0.108       -0.311*      -0.199       -0.332*  
                   (0.132)      (0.124)      (0.133)      (0.215)      (0.198)      (0.217)   

Head college d~e    -9.536***    -9.625***    -9.477***     3.385        3.177        3.588   
                   (3.358)      (3.357)      (3.367)      (5.104)      (5.108)      (5.110)   

Income in t-1        0.032*       0.031        0.034*       0.012        0.012        0.013   
                   (0.022)      (0.022)      (0.022)      (0.017)      (0.017)      (0.017)   

State UR            -0.758        0.695        0.233       -4.961       -3.629       -3.834   
                   (2.120)      (1.908)      (1.824)      (4.167)      (3.784)      (3.688)   

del(State UR)       -1.086       -1.208       -1.097        3.539        3.395        3.615   
                   (2.661)      (2.659)      (2.663)      (5.508)      (5.519)      (5.518)   

del(IHS Y)           0.046*       0.047**      0.046*       0.115***     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            -24.418                    -6.246      -36.892                   -20.036*  
                  (22.072)                   (7.826)     (42.366)                  (13.512)   

M/HV x UR            2.104                                  2.673                             
                   (2.276)                                (4.371)                             

Top Quint M/HV                    9.471       -6.779                    -1.491      -19.227   
                               (16.859)     (19.433)                  (31.779)     (34.457)   

TopQ x UR                        -1.229                                 -0.142                
                                (1.759)                                (3.299)                

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

Constant            15.296       -1.520        5.997       37.318       15.405       28.959   
                  (16.073)     (12.355)     (12.077)     (27.783)     (20.986)     (20.925)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.012        0.011        0.011        0.007        0.004        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
6: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort DSR, , UR interactions
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.108*      -0.117*      -0.111*      -0.095       -0.090       -0.136   
                   (0.073)      (0.073)      (0.073)      (0.096)      (0.096)      (0.104)   

Head college d~e    -5.154***    -5.154***    -4.784***    -5.371**     -5.625***    -5.128** 
                   (2.396)      (2.399)      (2.411)      (2.801)      (2.799)      (2.811)   

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

State UR             0.127       -0.011        0.167       -0.352       -0.408       -0.200   
                   (1.267)      (1.287)      (1.245)      (1.580)      (1.590)      (1.529)   

del(State UR)        0.250        0.367        0.279       -0.753       -0.747       -0.640   
                   (1.777)      (1.781)      (1.780)      (2.181)      (2.190)      (2.193)   

del(IHS Y)           0.125***     0.122***     0.122***     0.104***     0.096***     0.101***
                   (0.017)      (0.017)      (0.017)      (0.028)      (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           -16.653                   -30.121      -20.717                   -31.527   
                  (22.931)                  (22.699)     (24.333)                  (23.290)   

MDSR x UR            0.861                                  1.378                             
                   (1.971)                                (2.059)                             

Top Quint DSR                    -9.456       -3.877                   -11.708       -4.085   
                               (13.918)      (3.194)                  (16.587)      (4.409)   

TopQ x UR                         0.570                                  1.008                
                                (1.453)                                (1.718)                

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

Constant             0.118        1.343        0.469        7.019        6.614        9.206   
                   (7.391)      (7.644)      (7.102)     (10.082)      (9.931)      (9.986)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.024        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
6: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort DSR, , UR interactions
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.045       -0.037       -0.060       -0.178       -0.163       -0.285   
                   (0.115)      (0.114)      (0.122)      (0.185)      (0.186)      (0.203)   

Head college d~e    -9.502***    -9.575***    -9.417***     4.319        3.807        4.629   
                   (3.376)      (3.377)      (3.390)      (5.103)      (5.097)      (5.109)   

Income in t-1        0.027        0.028        0.028        0.004        0.008        0.003   
                   (0.022)      (0.022)      (0.022)      (0.017)      (0.017)      (0.017)   

State UR             0.230        0.251        0.288       -4.919       -4.966       -3.380   
                   (1.879)      (1.903)      (1.835)      (3.836)      (3.811)      (3.682)   

del(State UR)       -1.084       -1.098       -1.074        3.762        4.222        3.541   
                   (2.669)      (2.680)      (2.681)      (5.506)      (5.519)      (5.508)   

del(IHS Y)           0.073***     0.069***     0.071***     0.210***     0.177***     0.198***
                   (0.032)      (0.031)      (0.032)      (0.060)      (0.055)      (0.060)   

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

Mort DSR            -8.544                   -16.636      -87.334*                  -64.278** 
                  (29.569)                  (29.440)     (58.101)                  (36.925)   

MDSR x UR            0.410                                  7.056                             
                   (2.387)                                (5.214)                             

Top Quint DSR                    -1.378       -1.014                   -44.764      -10.447   
                               (19.155)      (5.148)                  (33.370)      (8.591)   

TopQ x UR                         0.090                                  4.081                
                                (2.004)                                (3.393)                

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

Constant             1.506        0.360        2.399       28.154       22.695       25.004   
                  (11.860)     (11.662)     (11.645)     (21.748)     (19.616)     (19.867)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.013        0.012        0.012        0.018        0.014        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
6: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, Mort DSR, UR interactions
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age            -0.121*      -0.131**     -0.114*      -0.160       -0.129       -0.160   
                   (0.075)      (0.075)      (0.076)      (0.113)      (0.105)      (0.114)   

Head college d~e    -4.901***    -5.007***    -4.768***    -5.233**     -5.574***    -5.076** 
                   (2.406)      (2.404)      (2.413)      (2.805)      (2.802)      (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             0.367        0.114        0.158       -1.272       -0.049       -0.159   
                   (1.332)      (1.310)      (1.248)      (1.803)      (1.640)      (1.535)   

del(State UR)        0.203        0.273        0.322       -0.772       -0.850       -0.724   
                   (1.781)      (1.786)      (1.788)      (2.185)      (2.197)      (2.206)   

del(IHS Y)           0.123***     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              2.487                     8.495      -28.026                    -1.200   
                  (17.788)                  (13.422)     (21.214)                   (9.935)   

M/HV x UR           -0.680                                  2.443                             
                   (1.790)                                (2.143)                             

Mort DSR            -9.072                   -48.779       -3.334                   -25.015   
                  (27.851)                  (45.799)     (27.102)                  (34.075)   

MDSR x UR            0.367                                 -0.022                             
                   (2.346)                                (2.273)                             

Top Quint M/HV                    2.015        0.473                     8.800       -8.466   
                               (14.516)     (13.130)                  (15.495)     (17.170)   

TopQ x UR                        -0.555                                 -1.279                
                                (1.526)                                (1.619)                

Top Quint DSR                   -10.762       -6.136                   -14.958       -2.898   
                               (15.957)      (6.257)                  (17.334)      (5.947)   

TopQ x UR                         0.884                                  1.444                
                                (1.673)                                (1.800)                

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            -0.875        1.529        0.465       20.606*       6.411       10.647   
                   (8.473)      (8.045)      (7.173)     (13.889)     (10.989)     (10.488)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.024        0.024        0.024        0.012        0.011        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
6: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, Mort DSR, UR interactions
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age            -0.102       -0.062       -0.095       -0.250       -0.180       -0.293   
                   (0.133)      (0.125)      (0.134)      (0.218)      (0.198)      (0.221)   

Head college d~e    -9.396***    -9.476***    -9.408***     4.559        3.947        4.777   
                   (3.381)      (3.382)      (3.398)      (5.120)      (5.114)      (5.133)   

Income in t-1        0.029        0.028        0.030        0.004        0.008        0.004   
                   (0.022)      (0.022)      (0.023)      (0.017)      (0.017)      (0.017)   

State UR            -0.721        0.613        0.301       -5.471       -4.858       -3.492   
                   (2.129)      (1.955)      (1.839)      (4.179)      (3.861)      (3.706)   

del(State UR)       -1.046       -1.064       -1.104        3.838        4.282        3.611   
                   (2.674)      (2.685)      (2.690)      (5.518)      (5.539)      (5.537)   

del(IHS Y)           0.069***     0.068***     0.069***     0.203***     0.176***     0.198***
                   (0.032)      (0.031)      (0.032)      (0.060)      (0.056)      (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            -27.281                    -6.500      -22.260                    -3.448   
                  (24.376)                  (11.969)     (47.225)                  (18.656)   

M/HV x UR            2.427                                  1.666                             
                   (2.443)                                (4.767)                             

Mort DSR            10.611                     3.997      -67.489                   -58.276   
                  (33.895)                  (44.909)     (66.165)                  (50.821)   

MDSR x UR           -1.062                                  5.368                             
                   (2.697)                                (5.907)                             

Top Quint M/HV                   12.118       -6.084                     9.420      -11.043   
                               (17.704)     (20.502)                  (33.760)     (34.954)   

TopQ x UR                        -1.520                                 -1.227                
                                (1.857)                                (3.498)                

Top Quint DSR                    -6.109        2.205                   -48.182       -9.505   
                               (20.093)      (7.274)                  (35.408)     (10.984)   

TopQ x UR                         0.660                                  4.503                
                                (2.111)                                (3.603)                

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            14.260       -1.398        4.650       38.587       22.397       26.165   
                  (16.128)     (12.867)     (12.160)     (27.957)     (21.501)     (21.261)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.012        0.012        0.010        0.015        0.011        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
