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Despite Foreclosures, Subprime Lending Increases Homeownership
James R. Barth, Tong Li, Triphon Phumiwasana
and Glenn Yago
December
6, 2007
Publisher: Milken Institute
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The first in a series of four reports on the subprime market, this paper examines first-time home buyer data from 2000-2006 to find a net ownership gain of 434,683 units for that period. This demonstrates that financial innovation in the mortgage marketplace through subprime products does help home buyers who would otherwise be denied the opportunity to own their own home.
For more on the subprime market series, please see:
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