Financially Overextended: College Attendance as a Contributor to Foreclosures During the Great Recession.
Although subprime mortgage lending and unemployment were largely responsible for the wave of foreclosures during the Great Recession, additional sources of financial risk may have exacerbated the crisis. We hypothesize that many parents sending children to college were financially overextended and v...
| Publicado en: | Demography (Springer Nature) Vol. 55; no. 5; pp. 1727 - 1749 |
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| Autores principales: | , |
| Formato: | journal article |
| Publicado: |
Springer Nature
Oct2018
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=132187716&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 132187716 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00703370 DEM jtl: Demography (Springer Nature) issn: 00703370 maglogo: N pubinfo: dt: Oct2018 vid: 55 iid: 5 pid: 237 pub: Springer Nature artinfo: ui: 132187716 10.1007/s13524-018-0702-7 ppf: 1727 ppct: 22 formats: fmt: – @attributes: type: T – @attributes: type: P size: 538KB tig: atl: Financially Overextended: College Attendance as a Contributor to Foreclosures During the Great Recession. aug: au: Faber, Jacob W. Rich, Peter M. affil: Robert F. Wagner School of Public Service, New York University, 295 Lafayette St., 10012, New York, NY, USA Department of Policy Analysis and Management, Cornell University, 186 Martha van Rensselaer Hall, 14853, Ithaca, NY, USA su: United States College costs Subprime mortgages Unemployment College attendance Foreclosure Great Recession, 2008-2013 Default (Finance) Financial risk sug: subj: College costs Subprime mortgages Unemployment United States College attendance Foreclosure Great Recession, 2008-2013 Default (Finance) Financial risk keyword: College spending Great Recession Higher education Parental investments College spending Great Recession Higher education Parental investments ab: Although subprime mortgage lending and unemployment were largely responsible for the wave of foreclosures during the Great Recession, additional sources of financial risk may have exacerbated the crisis. We hypothesize that many parents sending children to college were financially overextended and vulnerable to foreclosure as the economy contracted. With commuting zone panel data from 2006 to 2011, we show that increasing rates of college attendance across the income distribution in one year predict a foreclosure rate increase in subsequent years, net of fixed characteristics and changes in employment, refinance debt, house prices, and 19-year-old population size. We find similar evidence of college-related foreclosure risk using longitudinal household data from the Panel Study of Income Dynamics. Our findings uncover a previously overlooked dimension of the foreclosure crisis, and highlight mortgage insecurity as an inadvertent consequence of parental investment in higher education. pubtype: Academic Journal doctype: journal article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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