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*  
                   (0.063)      (0.055)      (0.064)      (0.111)      (0.204)      (0.110)   

Head college d~e    -5.266***    -5.422***    -5.209***    -5.708***    -5.881***    -5.607***
                   (0.028)      (0.023)      (0.030)      (0.041)      (0.035)      (0.045)   

Income in t-1        0.012        0.010        0.012        0.019        0.019        0.020*  
                   (0.369)      (0.454)      (0.357)      (0.155)      (0.167)      (0.141)   

State UR             0.494        0.337        0.255       -1.199        0.274       -0.090   
                   (0.710)      (0.794)      (0.837)      (0.504)      (0.864)      (0.953)   

del(State UR)       -0.018       -0.035       -0.001       -0.970       -1.166       -1.033   
                   (0.992)      (0.984)      (1.000)      (0.655)      (0.591)      (0.634)   

del(IHS Y)           0.106***     0.106***     0.106***     0.065***     0.066***     0.065***
                   (0.000)      (0.000)      (0.000)      (0.008)      (0.007)      (0.007)   

del(IHS NW)          0.021***     0.021***     0.021***     0.018***     0.018***     0.018***
                   (0.000)      (0.000)      (0.000)      (0.001)      (0.001)      (0.001)   

Mort/HV              1.291                    -6.398      -28.097*                   -7.406   
                   (0.934)                   (0.364)      (0.149)                   (0.276)   

M/HV x UR           -0.784                                  2.332                             
                   (0.629)                                (0.246)                             

Top Quint M/HV                   -2.808       -5.742                     4.934      -13.084   
                                (0.824)      (0.633)                   (0.739)      (0.430)   

TopQ x UR                        -0.172                                 -0.882                
                                (0.897)                                (0.567)                

Mort/HV x TopQ                                 7.097                                 15.538   
                                             (0.664)                                (0.434)   

Constant            -0.282        1.186        1.989       21.593*       4.632       11.851   
                   (0.973)      (0.881)      (0.781)      (0.119)      (0.662)      (0.255)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.022        0.022        0.022        0.011        0.010        0.010   
Observations          3639         3639         3639         2200         2200         2200   
----------------------------------------------------------------------------------------------
p-values 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   
                   (0.141)      (0.112)      (0.132)      (0.326)      (0.350)      (0.192)   

Head college d~e    -5.154***    -5.154***    -4.784***    -5.371**     -5.625***    -5.128** 
                   (0.031)      (0.032)      (0.047)      (0.055)      (0.045)      (0.068)   

Income in t-1        0.006        0.005        0.009        0.015        0.016        0.015   
                   (0.663)      (0.667)      (0.493)      (0.285)      (0.256)      (0.275)   

State UR             0.127       -0.011        0.167       -0.352       -0.408       -0.200   
                   (0.920)      (0.993)      (0.893)      (0.824)      (0.797)      (0.896)   

del(State UR)        0.250        0.367        0.279       -0.753       -0.747       -0.640   
                   (0.888)      (0.837)      (0.876)      (0.730)      (0.733)      (0.771)   

del(IHS Y)           0.125***     0.122***     0.122***     0.104***     0.096***     0.101***
                   (0.000)      (0.000)      (0.000)      (0.000)      (0.000)      (0.000)   

del(IHS NW)          0.021***     0.021***     0.020***     0.018***     0.018***     0.018***
                   (0.000)      (0.000)      (0.000)      (0.001)      (0.001)      (0.001)   

Mort DSR           -16.653                   -30.121      -20.717                   -31.527   
                   (0.468)                   (0.185)      (0.395)                   (0.176)   

MDSR x UR            0.861                                  1.378                             
                   (0.662)                                (0.504)                             

Top Quint DSR                    -9.456       -3.877                   -11.708       -4.085   
                                (0.497)      (0.225)                   (0.480)      (0.354)   

TopQ x UR                         0.570                                  1.008                
                                (0.695)                                (0.558)                

Mort DSR x TopQ                               25.898                                 28.309   
                                             (0.264)                                (0.234)   

Constant             0.118        1.343        0.469        7.019        6.614        9.206   
                   (0.987)      (0.860)      (0.947)      (0.486)      (0.505)      (0.357)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.024        0.024        0.025        0.012        0.012        0.012   
Observations          3629         3629         3629         2190         2190         2190   
----------------------------------------------------------------------------------------------
p-values 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   
                   (0.106)      (0.079)      (0.132)      (0.159)      (0.223)      (0.160)   

Head college d~e    -4.901***    -5.007***    -4.768***    -5.233**     -5.574***    -5.076** 
                   (0.042)      (0.037)      (0.048)      (0.062)      (0.047)      (0.072)   

Income in t-1        0.008        0.007        0.008        0.015        0.015        0.015   
                   (0.513)      (0.569)      (0.562)      (0.267)      (0.271)      (0.277)   

State UR             0.367        0.114        0.158       -1.272       -0.049       -0.159   
                   (0.783)      (0.931)      (0.899)      (0.481)      (0.976)      (0.918)   

del(State UR)        0.203        0.273        0.322       -0.772       -0.850       -0.724   
                   (0.909)      (0.878)      (0.857)      (0.724)      (0.699)      (0.743)   

del(IHS Y)           0.123***     0.121***     0.123***     0.100***     0.096***     0.100***
                   (0.000)      (0.000)      (0.000)      (0.000)      (0.000)      (0.000)   

del(IHS NW)          0.020***     0.020***     0.020***     0.018***     0.018***     0.017***
                   (0.000)      (0.000)      (0.000)      (0.001)      (0.001)      (0.002)   

Mort/HV              2.487                     8.495      -28.026                    -1.200   
                   (0.889)                   (0.527)      (0.187)                   (0.904)   

M/HV x UR           -0.680                                  2.443                             
                   (0.704)                                (0.254)                             

Mort DSR            -9.072                   -48.779       -3.334                   -25.015   
                   (0.745)                   (0.287)      (0.902)                   (0.463)   

MDSR x UR            0.367                                 -0.022                             
                   (0.876)                                (0.992)                             

Top Quint M/HV                    2.015        0.473                     8.800       -8.466   
                                (0.890)      (0.971)                   (0.570)      (0.622)   

TopQ x UR                        -0.555                                 -1.279                
                                (0.716)                                (0.430)                

Top Quint DSR                   -10.762       -6.136                   -14.958       -2.898   
                                (0.500)      (0.327)                   (0.388)      (0.626)   

TopQ x UR                         0.884                                  1.444                
                                (0.597)                                (0.422)                

Mort/HV x TopQ                                -6.799                                  8.026   
                                             (0.731)                                (0.705)   

Mort DSR x TopQ                               44.561                                 21.883   
                                             (0.332)                                (0.523)   

Constant            -0.875        1.529        0.465       20.606*       6.411       10.647   
                   (0.918)      (0.849)      (0.948)      (0.138)      (0.560)      (0.310)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.024        0.024        0.024        0.012        0.011        0.011   
Observations          3627         3627         3627         2188         2188         2188   
----------------------------------------------------------------------------------------------
p-values 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
