7: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, , del(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            -0.137**     -0.143**     -0.138**     -0.175*      -0.134       -0.181*  
                   (0.064)      (0.055)      (0.064)      (0.119)      (0.202)      (0.110)   

Head college d~e    -5.265***    -5.424***    -5.209***    -5.700***    -5.912***    -5.607***
                   (0.028)      (0.023)      (0.030)      (0.041)      (0.034)      (0.045)   

Income in t-1        0.012        0.010        0.012        0.019*       0.019        0.020*  
                   (0.369)      (0.455)      (0.357)      (0.150)      (0.169)      (0.141)   

State UR             0.280        0.293        0.255       -0.132        0.012       -0.090   
                   (0.822)      (0.813)      (0.837)      (0.931)      (0.994)      (0.953)   

del(State UR)        0.444        0.056       -0.001       -2.188       -0.715       -1.033   
                   (0.813)      (0.976)      (1.000)      (0.381)      (0.751)      (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              1.722                    -6.398      -18.601                    -7.406   
                   (0.879)                   (0.364)      (0.187)                   (0.276)   

M/HV x del(UR)      -1.684                                  2.696                             
                   (0.471)                                (0.349)                             

Top Quint M/HV                   -2.739       -5.742                     3.739      -13.084   
                                (0.765)      (0.633)                   (0.727)      (0.430)   

TopQ x del(UR)                   -0.364                                 -1.535                
                                (0.848)                                (0.489)                

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

Constant            -0.431        1.166        1.989       16.937        5.056       11.851   
                   (0.956)      (0.877)      (0.781)      (0.164)      (0.615)      (0.255)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.022        0.022        0.022        0.010        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
7: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, , del(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            -0.116       -0.127       -0.123       -0.156       -0.157       -0.145   
                   (0.089)      (0.089)      (0.090)      (0.135)      (0.135)      (0.136)   

Head college d~e    -7.454***    -7.538***    -7.411***     0.249       -0.148        0.246   
                   (2.899)      (2.893)      (2.903)      (4.325)      (4.318)      (4.338)   

Income in t-1        0.014        0.011        0.015        0.015        0.013        0.016   
                   (0.021)      (0.020)      (0.021)      (0.016)      (0.016)      (0.017)   

State UR            -0.009        0.016       -0.011       -3.947       -3.996       -4.156   
                   (1.494)      (1.494)      (1.494)      (2.895)      (2.895)      (2.897)   

del(State UR)        0.682        0.540        0.457        8.579**      7.184**      7.159** 
                   (2.307)      (2.247)      (2.174)      (4.418)      (4.360)      (4.297)   

del(IHS Y)           0.093***     0.094***     0.093***     0.145***     0.146***     0.144***
                   (0.019)      (0.019)      (0.019)      (0.033)      (0.033)      (0.033)   

del(IHS NW)          0.028***     0.028***     0.028***     0.009        0.009        0.009   
                   (0.006)      (0.006)      (0.006)      (0.007)      (0.007)      (0.007)   

Mort/HV             -3.587                    -4.170       32.139                   -13.958   
                  (12.713)                   (8.070)     (26.983)                  (14.456)   

M/HV x del(UR)      -0.807                                 -7.377                             
                   (2.699)                                (5.155)                             

Top Quint M/HV                   -4.577      -12.172                     4.422       -5.276   
                               (10.433)     (14.789)                  (21.248)     (20.578)   

TopQ x del(UR)                   -0.384                                 -1.320                
                                (2.231)                                (4.068)                

Mort/HV x TopQ                                10.637                                 15.962   
                                            (19.509)                               (30.433)   

Constant             2.740        3.407        4.063       -8.230       -1.095        0.846   
                   (9.242)      (8.872)      (8.416)     (15.268)     (14.608)     (13.778)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.024        0.024        0.024        0.021        0.019        0.019   
Observations          2634         2634         2634         1005         1005         1005   
----------------------------------------------------------------------------------------------
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
7: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort DSR, , del(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*      -0.116*      -0.111*      -0.099       -0.088       -0.136   
                   (0.140)      (0.113)      (0.132)      (0.303)      (0.359)      (0.192)   

Head college d~e    -5.159***    -5.144***    -4.784***    -5.364**     -5.576***    -5.128** 
                   (0.031)      (0.032)      (0.047)      (0.056)      (0.046)      (0.068)   

Income in t-1        0.006        0.006        0.009        0.014        0.016        0.015   
                   (0.661)      (0.663)      (0.493)      (0.289)      (0.255)      (0.275)   

State UR             0.200        0.115        0.167       -0.195       -0.159       -0.200   
                   (0.872)      (0.926)      (0.893)      (0.898)      (0.917)      (0.896)   

del(State UR)        0.094        0.318        0.279       -1.240       -0.874       -0.640   
                   (0.958)      (0.861)      (0.876)      (0.574)      (0.695)      (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           -17.234                   -30.121      -27.064                   -31.527   
                   (0.436)                   (0.185)      (0.254)                   (0.176)   

MDSR x del(UR)       1.827                                  3.858                             
                   (0.632)                                (0.338)                             

Top Quint DSR                    -4.811       -3.877                    -4.122       -4.085   
                                (0.643)      (0.225)                   (0.742)      (0.354)   

TopQ x del(UR)                    0.152                                  0.407                
                                (0.943)                                (0.872)                

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

Constant             0.175        0.351        0.469        8.205        4.768        9.206   
                   (0.981)      (0.962)      (0.947)      (0.413)      (0.617)      (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
7: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort DSR, , del(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            -0.084       -0.090       -0.087       -0.119       -0.138       -0.121   
                   (0.088)      (0.088)      (0.088)      (0.135)      (0.134)      (0.135)   

Head college d~e    -7.594***    -7.518***    -7.221***     0.976        0.802        1.312   
                   (2.901)      (2.906)      (2.915)      (4.311)      (4.313)      (4.341)   

Income in t-1        0.003        0.003        0.011        0.010        0.010        0.011   
                   (0.020)      (0.020)      (0.021)      (0.016)      (0.016)      (0.017)   

State UR            -0.005       -0.101       -0.049       -4.143       -4.232*      -4.214*  
                   (1.498)      (1.499)      (1.499)      (2.891)      (2.894)      (2.891)   

del(State UR)        0.456        0.684        0.605        7.020*       7.370**      7.419** 
                   (2.189)      (2.232)      (2.182)      (4.317)      (4.324)      (4.293)   

del(IHS Y)           0.109***     0.108***     0.107***     0.178***     0.169***     0.175***
                   (0.019)      (0.019)      (0.019)      (0.035)      (0.034)      (0.035)   

del(IHS NW)          0.028***     0.028***     0.028***     0.009        0.008        0.008   
                   (0.006)      (0.006)      (0.006)      (0.007)      (0.007)      (0.007)   

Mort DSR           -14.584                   -37.242      -24.089                   -22.203   
                  (25.431)                  (29.183)     (45.635)                  (36.071)   

MDSR x del(UR)       1.266                                  2.810                             
                   (4.417)                                (7.760)                             

Top Quint DSR                    -3.964       -3.981                    -6.813       -4.446   
                               (11.852)      (3.826)                  (23.126)      (5.965)   

TopQ x del(UR)                    0.036                                  0.193                
                                (2.517)                                (4.324)                

Mort DSR x TopQ                               33.001                                 16.682   
                                            (29.959)                               (36.711)   

Constant             1.761        1.935        2.335       -0.256       -0.135       -0.781   
                   (8.646)      (8.636)      (8.382)     (14.444)     (14.396)     (13.650)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.025        0.025        0.025        0.024        0.024        0.024   
Observations          2627         2627         2627         1002         1002         1002   
----------------------------------------------------------------------------------------------
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
7: All households, 2007-2009, OLS, Full & H/O Samples, debt var = Mort/HV, Mort DSR, del(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            -0.120*      -0.131**     -0.114*      -0.154       -0.128       -0.160   
                   (0.108)      (0.079)      (0.132)      (0.173)      (0.226)      (0.160)   

Head college d~e    -4.898***    -4.996***    -4.768***    -5.217**     -5.553***    -5.076** 
                   (0.042)      (0.038)      (0.048)      (0.063)      (0.048)      (0.072)   

Income in t-1        0.008        0.007        0.008        0.015        0.015        0.015   
                   (0.519)      (0.567)      (0.562)      (0.269)      (0.270)      (0.277)   

State UR             0.196        0.160        0.158       -0.200       -0.087       -0.159   
                   (0.875)      (0.898)      (0.899)      (0.896)      (0.955)      (0.918)   

del(State UR)        0.563        0.283        0.322       -2.039       -0.594       -0.724   
                   (0.765)      (0.878)      (0.857)      (0.416)      (0.795)      (0.743)   

del(IHS Y)           0.123***     0.121***     0.123***     0.101***     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              4.725                     8.495      -16.113                    -1.200   
                   (0.732)                   (0.527)      (0.313)                   (0.904)   

M/HV x del(UR)      -1.791                                  2.497                             
                   (0.509)                                (0.429)                             

Mort DSR           -15.272                   -48.779      -12.008                   -25.015   
                   (0.586)                   (0.287)      (0.659)                   (0.463)   

MDSR x del(UR)       1.805                                  1.442                             
                   (0.703)                                (0.753)                             

Top Quint M/HV                   -1.369        0.473                     4.627       -8.466   
                                (0.896)      (0.971)                   (0.679)      (0.622)   

TopQ x del(UR)                   -0.387                                 -1.692                
                                (0.860)                                (0.467)                

Top Quint DSR                    -4.105       -6.136                    -5.767       -2.898   
                                (0.728)      (0.327)                   (0.659)      (0.626)   

TopQ x del(UR)                    0.347                                  0.942                
                                (0.887)                                (0.722)                

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            -0.977        1.036        0.465       16.128        5.508       10.647   
                   (0.901)      (0.892)      (0.948)      (0.187)      (0.592)      (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
7: All households, 2007-2009, OLS, H/O Non-boom and Boom Samples, debt var = Mort/HV, Mort DSR, del(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            -0.104       -0.119       -0.105       -0.116       -0.137       -0.105   
                   (0.089)      (0.090)      (0.091)      (0.136)      (0.136)      (0.138)   

Head college d~e    -7.323***    -7.357***    -7.200***     1.202        0.764        1.278   
                   (2.908)      (2.907)      (2.917)      (4.338)      (4.339)      (4.355)   

Income in t-1        0.011        0.009        0.011        0.010        0.010        0.009   
                   (0.021)      (0.020)      (0.021)      (0.016)      (0.016)      (0.017)   

State UR            -0.025       -0.043       -0.032       -4.151       -4.269*      -4.163   
                   (1.499)      (1.500)      (1.501)      (2.898)      (2.904)      (2.903)   

del(State UR)        0.743        0.650        0.617        8.587**      7.549**      7.392** 
                   (2.312)      (2.265)      (2.186)      (4.422)      (4.367)      (4.304)   

del(IHS Y)           0.106***     0.106***     0.107***     0.178***     0.169***     0.176***
                   (0.019)      (0.019)      (0.020)      (0.036)      (0.034)      (0.036)   

del(IHS NW)          0.028***     0.028***     0.028***     0.008        0.008        0.008   
                   (0.006)      (0.006)      (0.006)      (0.007)      (0.007)      (0.007)   

Mort/HV             -4.020                     6.947       56.892*                    7.893   
                  (15.385)                  (15.691)     (35.147)                  (26.556)   

M/HV x del(UR)      -0.386                                -11.042**                           
                   (3.080)                                (6.493)                             

Mort DSR             0.013                   -41.996      -81.323                   -47.842   
                  (32.177)                  (59.299)     (60.117)                  (69.512)   

MDSR x del(UR)      -0.719                                 12.736                             
                   (5.435)                               (10.161)                             

Top Quint M/HV                   -3.175       -7.203                     8.407        2.991   
                               (11.868)     (16.327)                  (27.063)     (22.039)   

TopQ x del(UR)                   -0.580                                 -1.546                
                                (2.599)                                (5.195)                

Top Quint DSR                    -3.334       -3.927                   -12.540       -9.010   
                               (13.471)      (7.691)                  (29.348)     (11.172)   

TopQ x del(UR)                    0.573                                  1.248                
                                (2.923)                                (5.514)                

Mort/HV x TopQ                                 0.012                                 -4.235   
                                            (23.814)                               (36.442)   

Mort DSR x TopQ                               37.660                                 42.082   
                                            (59.608)                               (69.573)   

Constant             2.118        3.183        2.860       -8.047       -0.859       -1.925   
                   (9.259)      (8.947)      (8.453)     (15.290)     (14.764)     (13.876)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.025        0.025        0.025        0.025        0.022        0.021   
Observations          2626         2626         2626         1001         1001         1001   
----------------------------------------------------------------------------------------------
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
