Moving Up: Trends in Homeownership and Mortgage Indebtedness
نویسندگان
چکیده
2 Housing belongs to the category of durable consumption goods defined as those that may be used repeatedly or continuously over a period of more than a year, assuming a normal or average rate of physical usage. The U.S. residential housing market has gone through important changes since the mid-1980s. Most noticeably, significant developments have taken place in the housing finance system. Continuous improvements in information technology have improved lenders’ ability to assess risk, tailor products to different population segments, and develop new products. As a result, down payment requirements and transaction costs — e.g., S BY WENLI LI Moving Up: Trends in Homeownership and Mortgage Indebtedness
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