Housing Market Dynamics: Disequilibrium, Mortgage Default and Reverse Mortgages

Posted: 14 Sep 2016

See all articles by Timothy Jones

Timothy Jones

Xavier University

Dean H. Gatzlaff

Florida State University

G. Stacy Sirmans

Florida State University - Department of Risk Management/Insurance, Real Estate and Business Law

Date Written: August 8, 2016

Abstract

The mortgage market collapse which followed the burst of the housing bubble in 2007 led to unprecedented levels of mortgage default, mortgage foreclosure, and housing vacancies. The dramatic increase in mortgage terminations prompted extensive discussions among academics, industry practitioners, regulators, and policymakers. These discussions included such issues as the underlying causes of the mortgage market collapse and the impact of declining house prices on mortgage default and foreclosure. This special issue results from the 2013 FSU-UF Critical Issues Symposium entitled "Housing Market Issues: Initiatives, Policies and the Economy" where the impact of the recent market collapse was examined on topics such as the negative spillover effect of foreclosure, the determinants of mortgage default and prepayment, disequilibrium models of the housing market, and the growth of the reverse mortgage market. This introductory paper serves to set the stage by relating the papers in this special issue to the previous literature. It provides both a clear picture of the state of knowledge in these critical areas and the significant contributions of these recent studies.

Keywords: Housing Market; Mortgage Market; Mortgage Foreclosure

Suggested Citation

Jones, Timothy and Gatzlaff, Dean H. and Sirmans, G. Stacy, Housing Market Dynamics: Disequilibrium, Mortgage Default and Reverse Mortgages (August 8, 2016). Journal of Real Estate Finance and Economics, Vol. 53, No. 3, p. 269-281, 2016. Available at SSRN: https://ssrn.com/abstract=2820278

Timothy Jones

Xavier University ( email )

Cincinnati, OH 45207
United States

Dean H. Gatzlaff (Contact Author)

Florida State University ( email )

College of Business, Center for Real Estate
821 Academic Way, Rovetta Business Bldg
Tallahassee, FL 32306-1110
United States
850-644-4071 (Phone)
850-644-4077 (Fax)

G. Stacy Sirmans

Florida State University - Department of Risk Management/Insurance, Real Estate and Business Law ( email )

College of Business
Tallahassee, FL 32306
United States
850-644-8214 (Phone)
850-644-4077 (Fax)

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