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作者

来源

REAL ESTATE ECONOMICS,Vol.46,Issue2,P.487-520

语言

英文

关键字

UNITED-STATES; MOBILITY; PRICES; EQUITY

作者单位

[Choi, Jung Hyun; Painter, Gary] USC Sol Price Sch Publ Policy, Ctr Social Innovat, Los Angeles, CA 90089 USA. Choi, JH (reprint author), USC Sol Price Sch Publ Policy, Ctr Social Innovat, Los Angeles, CA 90089 USA. E-Mail: choijung@usc.edu; gpainter@usc.edu

摘要

Extant research finds significant gaps between a homeowner's self-reported house value and market estimates, and that the gap is largest for underwater homeowners. Prior studies, however, have largely overlooked the possibility that homeowners' self-reported house value may be more accurate due to private information. Previous research has also neglected the possibility that there could be discordance between what homeowners know and what they report as their house value. Using the Panel Study of Income Dynamics, this study examines how the choices of households reveal their knowledge of the true home value. In so doing, we find that that post move housing choices reveal that market estimates are accurate assessments of the housing value. Further, we find evidence that these underwater homeowners are aware of the actual house value, but are reporting them incorrectly. The results show that misreporting underwater homeowners are as likely to be late on their mortgage payments as homeowners that are reporting negative equity. Underwater homeowners' reluctance to admit their losses accords with the theory of loss aversion.