Low-Income Homeownership: Examining the Unexamined Goal

Contents

v Contents Foreword ix Acknowledgments xiii 1 Examining the Unexamined Goal 1 Nicolas P. Retsinas and Eric S. Belsky Part 1. Homeownership in the 1990s 2 Anatomy of the Low-Income Homeownership Boom in the 1990s 15 Eric S. Belsky and Mark Duda 3 The Industrial Structure of Affordable Mortgage Lending 64 Frank E. Nothaft and Brian J. Surette Part 2. Overcoming Borrowing Constraints Introduction 105 Edward L. Golding file01 front pp_i-xvi.qxd 7/5/2002 2:08 PM Page v 4 Eliminating Credit Barriers: How Far Can We Go? 111 Stuart S. Rosenthal 5 Prepurchase Homeownership Counseling: A Little Knowledge Is a Good Thing 146 Abdighani Hirad and Peter Zorn 6 Supply-Side Constraints on Low-Income Homeownership 175 Michael Collins, David Crowe, and Michael Carliner Part 3. Returns to Homeownership Introduction 201 Frank DeGiovanni 7 Asset Appreciation, Timing of Purchases and Sales, and Returns to Low-Income Homeownership 208 Eric S. Belsky and Mark Duda 8 Home Price Appreciation in Low- and Moderate-Income Markets 239 Karl E. Case and Maryna Marynchenko 9 Policy Implications of Portfolio Choice in Underserved Mortgage Markets 257 William N. Goetzmann and Matthew Spiegel Part 4. Low-Income Loan Performance Introduction 275 George McCarthy 10 Prepayment Risk and Lower-Income Mortgage Borrowers 279 Wayne R. Archer, David C. Ling, and Gary A. McGill 11 Performance of Low-Income and Minority Mortgages 322 Robert Van Order and Peter Zorn 12 Performance of Community Reinvestment Loans: Implications for Secondary Market Purchases 348 Roberto G. Quercia, Michael A. Stegman, Walter R. Davis, and Eric Stein vi contents file01 front pp_i-xvi.qxd 7/5/2002 2:08 PM Page vi Part 5. Socioeconomic Impacts of Homeownership Introduction 375 Steven Hornburg 13 Social Benefits and Costs of Homeownership 381 William M. Rohe, Shannon Van Zandt, and George McCarthy 14 Housing and Wealth Accumulation: Intergenerational Impacts 407 Thomas P. Boehm and Alan M. Schlottmann 15 Impact of Homeownership on Child Outcomes 427 Donald R. Haurin, Toby L. Parcel, and R. Jean Haurin 16 Building Homes, Reviving Neighborhoods: Spillovers from Subsidized Construction of Owner-Occupied Housing in New York City 447 Ingrid Gould Ellen, Michael H. Schill, Scott Susin, and Amy Ellen Schwartz Contributors 479 Index 481 contents vii file01 front pp_i-xvi.qxd 7/5/2002 2:08 PM Page vii file01 front pp_i-xvi.qxd 7/5/2002 2:08 PM Page viii ...