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152.243 132.337 m
146.172 132.529 l
158.313 137.019 m
152.243 132.337 l
164.384 141.914 m
158.313 137.019 l
170.455 137.07 m
164.384 141.914 l
176.525 134.803 m
170.455 137.07 l
182.596 135.146 m
176.525 134.803 l
188.667 139.255 m
182.596 135.146 l
194.737 149.295 m
188.667 139.255 l
200.808 152.984 m
194.737 149.295 l
206.878 152.351 m
200.808 152.984 l
212.949 149.148 m
206.878 152.351 l
219.02 148.865 m
212.949 149.148 l
225.09 156.293 m
219.02 148.865 l
231.161 170.454 m
225.09 156.293 l
237.232 176.044 m
231.161 170.454 l
243.302 183.509 m
237.232 176.044 l
249.373 192.258 m
243.302 183.509 l
255.444 205.452 m
249.373 192.258 l
261.514 225.584 m
255.444 205.452 l
267.585 229.064 m
261.514 225.584 l
273.655 217.765 m
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279.726 214.883 m
273.655 217.765 l
285.797 224.569 m
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0 J 0.502 w
q
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106.768 111.805 m
106.768 120.096 l
S
Q
BT
/F8 1 Tf
7.499 0 0 7.562 57.671 275.433 Tm
(Thousands)Tj
/F10 1 Tf
1.885 -22.844 TD
(1961)Tj
3.69 -0.008 TD
(65)Tj
4.07 0.006 TD
(70)Tj
4.046 -0.003 TD
[(75)-3001(80)-3023(85)-3046(90)-3023(95)]TJ
ET
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310.6 351.84 264 -273.96 re
f*
0.1 0 0 0 k
/GS2 gs
455.957 202.925 m
f
BT
7.472 0 0 7.554 341.414 80.786 Tm
/CS2 cs 0 sc
(Source: Office of Federal Housing Enterprise Oversight.)Tj
/F8 1 Tf
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(Rate of Home Price Change in the United States)Tj
0 -1.2 TD
(and Selected Regions, 1981-96)Tj
/F9 1 Tf
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(Chart 2)Tj
/F8 1 Tf
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/F10 1 Tf
1.249 -25.905 TD
[(1981)-2365(83)]TJ
8.168 0.006 TD
(85)Tj
3.779 -0.003 TD
[(87)-2798(89)-2768(91)-2703(93)-2890(95)]TJ
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355.29 111.618 m
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387.309 111.618 m
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547.406 111.618 m
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550.963 116.13 l
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565.194 111.618 m
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S
572.309 111.618 m
572.309 120.494 l
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BT
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(-5)Tj
0.333 3.736 TD
(0)Tj
0 4.003 TD
(5)Tj
-0.5 4.003 TD
(10)Tj
T*
(15)Tj
T*
(20)Tj
0 3.603 TD
(25)Tj
ET
/CS2 CS 0 SC
1.002 w
q
0.9945 0 0 1.0055 0 0 cm
344.646 111.567 m
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0.501 w
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1.002 w
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q
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360.626 175.111 m
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371.299 145.519 m
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421.107 191.531 m
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428.222 186.9 m
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431.78 199.891 m
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435.337 197.846 m
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438.895 201.395 m
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442.453 201.636 m
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446.01 208.853 m
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449.568 222.025 m
446.01 208.853 l
453.126 230.446 m
449.568 222.025 l
456.684 244.701 m
453.126 230.446 l
460.241 250.475 m
456.684 244.701 l
463.799 257.211 m
460.241 250.475 l
467.357 267.496 m
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470.914 259.376 m
467.357 267.496 l
474.472 237.724 m
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478.03 209.515 m
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481.587 179.682 m
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485.145 159.172 m
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488.703 151.894 m
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492.261 150.571 m
488.703 151.894 l
495.818 143.895 m
492.261 150.571 l
499.376 151.353 m
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502.934 149.007 m
499.376 151.353 l
506.491 142.271 m
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510.049 144.136 m
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513.607 135.414 m
510.049 144.136 l
517.164 129.339 m
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520.722 132.708 m
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524.28 129.4 m
520.722 132.708 l
527.837 132.106 m
524.28 129.4 l
531.395 137.038 m
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534.953 131.745 m
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538.51 128.497 m
534.953 131.745 l
542.068 122.182 m
538.51 128.497 l
545.626 125.671 m
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549.184 142.872 m
545.626 125.671 l
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549.184 142.872 l
556.299 166.089 m
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559.857 169.938 m
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563.414 158.511 m
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478.03 174.991 m
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481.587 167.653 m
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488.703 163.563 m
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0.006 Tc
0.118 Tw
[(Re)10(cog)11(nit)9(i)-2(o)10(n)0( tha)10(t)-2( ind)11(i)-2(v)10(i)-2(du)11(al lo)10(an,)14( )-11(pr)9(ope)10(r)-2(t)9(y)98(, )-11(a)10(nd )-11(b)11(o)-1(r)9(r)-2(owe)10(r)]TJ
0 -1.473 TD
0.007 Tc
-0.015 Tw
[(c)11(h)1(ar)10(ac)11(te)11(ri)10(st)10(ic)11(s, )11(in )11(addi)10(t)10(i)-1(on)12( t)10(o)0( c)11(h)1(ang)12(e)0(s)10( in)12( i)10(n)1(te)11(re)11(st)10( ra)11(te)11(s, )11(pl)10(ay)]TJ
0 -1.462 TD
[(a)11( )-11(k)12(ey ro)11(le)11( )-11(i)10(n)1( det)10(e)0(r)10(m)-6(i)10(n)1(i)10(ng th)12(e li)10(kel)10(i)-1(h)12(ood)12( )-11(of)10( a m)-6(o)11(rt)10(gag)12(e)0( pre)11(-)]TJ
T*
0.106 Tw
[(p)12(aymen)12(t ha)11(s s)10(p)1(awne)11(d a r)10(e)0(l)10(a)0(t)10(i)-1(v)11(e)0(ly)11( new br)10(an)12(ch of)10( re)11(se)11(ar)10(ch)]TJ
0 -1.473 TD
0.128 Tw
[(b)12(a)0(se)11(d on l)10(oan)12(-l)10(eve)11(l da)11(ta s)10(e)0(t)10(s)-1(. Thi)10(s)-1( re)11(se)11(ar)10(ch has)10( gen)12(e)0(ra)11(ll)10(y)]TJ
0 -1.462 TD
0.008 Tc
-0.027 Tw
[(f)11(o)1(c)12(u)2(se)12(d on)13( the)12( thr)11(e)1(e)12( ma)12(jo)12(r un)13(der)11(w)5(ri)11(ti)11(ng c)12(r)0(i)11(t)0(e)12(r)0(i)11(a)1( th)13(at)11( mo)12(rt)11(-)]TJ
T*
0.007 Tc
0.194 Tw
[(g)12(a)0(ge)11( le)11(nde)11(rs)10( co)11(nsi)10(d)1(e)11(r)-1( wh)12(en d)12(eci)10(di)10(ng )11(w)-7(h)12(et)10(her)10( t)10(o)0( e)11(x)0(te)11(nd)]TJ
0 -1.473 TD
-0.003 Tc
0.006 Tw
[(cr)-11(ed)-9(i)-11(t)0(:)-6( eq)-9(u)-9(i)-11(ty)-10( \(c)-10(ol)-11(la)-10(te)-10(ra)-10(l\))-11(,)-6( in)-9(c)-10(o)1(me)-10(,)-6( an)-9(d)-9( cr)-11(e)-10(d)2(i)-11(t)0( h)-9(i)0(s)-11(t)0(o)-10(r)-11(y)89(.)]TJ
3.297 -1.462 TD
-0.015 Tc
0.281 Tw
[(However)65(, p)12(a)0(st )10(st)10(udies)10( h)12(ave )10(only)11( i)10(n)1(vest)10(i)-1(gat)10(e)0(d )10(the)]TJ
-3.297 -1.462 TD
0.029 Tw
[(e)11(ffe)11(cts o)11(f)-1( cha)11(nges i)10(n)1( hom)5(eowners)10(\222 e)11(quity)11( and inc)11(o)0(me)11( on the)11(i)-1(r)]TJ
0 -1.473 TD
0.016 Tc
0.053 Tw
[(a)9(b)-1(i)8(l)-3(i)8(t)8(y)-2( t)8(o)-2( )11(pr)8(ep)10(ay)97(. F)10(o)-2(r)8( e)9(x)-2(a)9(m)-8(p)10(l)-3(e)9(,)2( Cu)10(nni)8(ng)10(ham )11(and)10( Ca)9(pon)10(e)]TJ
0 -1.462 TD
0.019 Tc
0.127 Tw
[(\(1)-8(99)-8(0\))-11(\227u)-8(sin)-8(g)-8( )11(a sa)-10(mpl)-11(e)1( of lo)-10(an)-8(s )11(s)-11(e)1(c)-10(u)2(re)-10(d)-8( )11(b)-8(y)1( pr)-11(op)-8(ert)-11(i)0(es)]TJ
T*
-0.015 Tc
0.38 Tw
[(i)-34(n)-42( )-99(the Hous)10(ton, T)90(e)11(xas, a)11(r)-1(ea\227)7(est)10(i)-1(mated po)11(st-)10(ori)10(g)1(inat)10(ion)]TJ
0 -1.473 TD
0.358 Tw
[(l)10(oan-)10(t)-1(o-v)11(a)0(lue )11(\(L)78(TV\) r)10(a)0(ti)10(os a)11(nd pos)10(t-o)11(rigi)10(n)1(ati)10(o)0(n pa)11(yme)11(n)1(t-)]TJ
0 -1.462 TD
0.018 Tc
0.017 Tw
[(t)43(o)33(-)32(i)43(n)34(c)33(o)33(m)38(e)34( ra)11(ti)10(os)10( bas)10(e)0(d)12( on ch)12(an)12(ges)10( in)12( )-12(r)10(e)0(g)12(i)-1(o)11(n)1(a)11(l)-1( ho)11(m)-6(e)11( p)34(r)32(i)32(c)44(e)33(s)]TJ
T*
-0.016 Tc
0.14 Tw
[(a)10(nd i)9(n)0(comes.)]TJ
8.76 0 0 8.76 99.4 471.416 Tm
(2)Tj
10.92 0 0 10.92 103.6 467.196 Tm
-0.015 Tc
[( The)11(y)0( co)11(nclude)11(d th)12(at )11(post-)10(ori)10(g)1(inat)10(ion )-33(e)-33(q)-32(u)-21(i)-34(t)-23(y)]TJ
-5.308 -1.473 TD
0.018 Tc
0.117 Tw
[(wa)11(s a )-11(k)12(ey det)10(e)0(r)10(m)5(i)10(n)1(an)12(t )-11(o)11(f)-1( th)12(e )-11(t)10(e)0(r)10(m)5(in)12(at)10(io)11(n )-11(e)11(x)0(pe)11(ri)10(e)11(n)1(ce)12( o)22(f)]TJ
0 -1.462 TD
-0.003 Tc
0.05 Tw
[(th)-9(o)-10(s)0(e)-10( )11(l)-11(o)-10(an)-9(s \()-11(t)0(h)-9(e)1(y)-10( fo)-10(u)-9(n)-9(d)2( a)-10(n)2( i)-11(n)2(v)-10(e)-10(r)0(s)-11(e)1( re)-10(l)-11(a)1(t)-11(i)0(o)-10(n)-9(sh)-9(ip)-9( fo)-10(r d)-9(e)1(f)-11(a)-10(ul)-11(ts)]TJ
0 -1.473 TD
-0.016 Tw
[(an)-9(d)-9( a p)-9(o)1(s)-11(i)0(t)-11(i)0(v)-10(e)1( r)-11(e)1(l)-11(a)1(t)-11(i)0(o)-10(n)-9(sh)-9(ip)-9( fo)-10(r re)-10(f)-11(i)0(n)-9(a)1(n)-9(c)-10(in)-9(g)-9(s)0( a)-10(n)2(d)-9( h)-9(o)1(me)-10( sa)-10(le)-10(s\))-11(,)]TJ
0 -1.462 TD
0.007 Tc
0.018 Tw
[(whe)11(r)-1(e)11(a)0(s)10( po)11(st)10(-o)11(ri)10(gi)10(nat)10(i)-1(o)11(n)1( i)10(n)1(c)11(o)0(me )11(was )11(i)10(n)1(si)10(gni)10(fi)10(ca)11(nt.)15( Ca)11(pli)10(n)1(,)]TJ
T*
0.006 Tc
-0.014 Tw
[(F)11(r)-2(ee)10(man, )11(and )11(T)79(r)-2(a)10(cy )11(\(19)11(93\))9(, us)9(in)11(g a)10( sa)10(mple)10( of)9( l)9(o)-1(a)10(n)0(s )11(se)10(cur)9(e)-1(d)]TJ
0 -1.473 TD
0.007 Tc
0.27 Tw
[(b)12(y)0( pro)11(p)1(er)10(ti)10(es)10( )-11(i)10(n)1( si)10(x st)10(at)10(es)10(, )-11(a)11(l)-1(s)10(o)0( fo)11(und ev)11(id)12(enc)11(e)0( of t)10(h)1(e)]TJ
0 -1.462 TD
-0.003 Tc
0.006 Tw
[(imp)-9(o)-10(rt)-11(an)-9(c)-10(e)1( o)-10(f)0( h)-9(o)-10(me)-10( )11(e)-10(q)-9(u)-9(ity)-10( in)-9( i)-11(n)2(f)-11(l)0(u)-9(e)-10(nc)-10(i)-11(n)2(g)-9( th)-9(e)-10( li)-11(ke)-10(li)-11(h)-9(o)1(o)-10(d)-9( of)]TJ
T*
0.006 Tc
0.612 Tw
[(mor)9(t)-2(g)11(a)-1(ge)10( )-11(p)11(r)-2(e)10(p)0(ayme)10(n)0(t. The)10(y)-1( as)9(se)10(ss)9(ed t)9(h)0(e ef)9(fe)10(ct)9( )-11(o)10(f)]TJ
0 -1.473 TD
-0.015 Tc
0.04 Tw
[(p)-32(o)-44(s)-34(t)-34(-)-45(o)-33(r)-45(i)-34(g)-32(i)-45(n)-32(a)-44(t)-34(i)-34(o)-44(n)-32( )-54(equi)10(ty by divi)10(ding th)12(eir s)10(a)0(m)-6(p)1(l)10(e)0( int)10(o)0( )-11(s)10(t)-1(at)10(es)]TJ
0 -1.462 TD
-0.016 Tc
-0.003 Tw
[(wit)9(h)0( s)9(t)-2(abl)9(e)-1( or)9( weak pr)9(oper)9(ty mar)9(k)0(ets )11(\(us)9(i)-2(ng t)9(r)-2(ans)9(acti)9(o)-1(n-ba)10(sed)]TJ
T*
-0.015 Tc
0.084 Tw
[(ho)11(m)-6(e)0( pr)10(ice i)10(ndexes)10( )-11(f)10(o)0(r sp)12(ecif)10(i)-1(c metr)10(opoli)10(t)-1(an s)10(t)-1(ati)10(s)-1(t)10(i)-1(cal)10( area)11(s\))]TJ
0 -1.473 TD
0.018 Tc
0.216 Tw
[(an)-9(d ac)-11(co)-11(rd)-9(in)-9(g to)-11( )11(w)-7(h)-9(et)-12(he)-11(r th)-9(e loa)-11(n)-9(s ha)-11(d hi)-12(gh)-9( or lo)-11(w)]TJ
0 -1.462 TD
0.007 Tw
[(ori)-12(g)1(i)-12(n)1(a)-11(l)-1( L)67(T)3(V)-7( r)-12(a)0(ti)-12(os.)-7( C)-8(o)0(n)-9(s)-1(i)-12(ste)-11(nt)-12( )11(w)-7(i)-12(th)-9( )11(t)-12(h)1(e)-11( hy)-11(po)-11(th)-9(es)-12(is th)-9(at)]TJ
T*
0.019 Tc
0.094 Tw
[(ch)-8(an)-8(ge)-10(s in)-8( ho)-10(me e)-10(q)2(u)-8(i)0(t)-11(y)1( p)-8(l)0(ay)-10( an)-8( impo)-10(rt)-11(an)-8(t ro)-10(le i)-11(n)2( p)-8(r)0(e-)]TJ
0 -1.473 TD
0.149 Tw
[(pa)-10(yme)-10(n)2(t)-11(s)0(,)-6( t)-11(h)2(e)-10( a)-10(u)2(t)-11(h)2(o)-10(rs )-11(fo)-10(un)-8(d)-8( th)-8(at)-11( i)-11(n)2( )-11(st)-11(ate)-10(s)0( )-11(w)-6(ith)-8( w)-6(e)-10(ak)]TJ
0 -1.462 TD
0.083 Tw
[(pr)-11(op)-8(ert)-11(y)1( mar)-11(k)2(e)-10(ts,)-6( pr)-11(ep)-8(ay)-10(men)-8(t)0( ac)-10(tiv)-10(ity)-10( )11(w)-6(a)-10(s les)-11(s)0( res)-11(p)2(o)-10(n)2(-)]TJ
T*
0.028 Tw
[(siv)-10(e to)-10( de)-10(cli)-11(n)2(e)-10(s)0( in)-8( mort)-11(ga)-10(ge)-10( int)-11(e)1(r)-11(e)1(st)-11( )11(r)-11(a)1(t)-11(e)1(s th)-8(an)-8( in)-8( sta)-10(tes)]TJ
0 -1.473 TD
0.006 Tw
[(w)-6(ith)-8( sta)-10(ble)-10( pr)-11(op)-8(ert)-11(y)1( mar)-11(k)2(e)-10(t)0(s)-11(.)]TJ
3.297 -1.462 TD
0.006 Tc
0.348 Tw
[(I)9(n)0( a re)10(la)10(ted)11( )-11(s)9(t)-2(u)11(d)0(y)98(,)3( )-11(Ar)9(che)10(r)53(, Li)9(ng, an)11(d M)-7(c)10(Gil)9(l)]TJ
-3.297 -1.462 TD
0.007 Tc
0.029 Tw
[(\()10(199)12(5\) f)10(o)0(un)12(d th)12(at)10( home e)11(qui)10(ty h)12(a)0(d a)11(n)1( impo)11(rt)10(ant)10( ef)10(fe)11(ct)10( on)]TJ
0 -1.473 TD
0.084 Tw
[(t)10(h)1(e pr)10(oba)11(b)1(i)10(l)-1(i)10(t)-1(y t)10(h)1(at)10( )-11(a)11( )-11(l)10(o)0(a)11(n)1( w)-7(o)11(ul)10(d )-11(b)12(e)0( re)11(fi)10(nanc)11(ed,)15( )-11(a)11(nd pro)11(-)]TJ
0 -1.462 TD
0.051 Tw
[(v)11(i)-1(de)11(d e)11(v)0(i)10(d)1(enc)11(e)0( )11(tha)11(t)-1( c)11(h)1(an)12(ges)10( i)10(n)1( bo)11(rr)10(ower)10( i)10(n)1(co)11(me a)11(r)-1(e )11(al)10(so)11( a)]TJ
T*
0.15 Tw
[(s)10(i)-1(g)12(n)1(if)10(ic)11(ant)10( f)10(a)0(c)11(t)-1(or)65(. Th)12(e a)11(u)1(th)12(or)10(s m)5(a)11(tch)12(e)0(d )11(rec)11(o)0(r)10(d)1(s )11(fr)10(om)5( t)10(h)1(e)]TJ
0 -1.473 TD
0.006 Tc
0.008 Tw
[(1)11(985 an)11(d 1987)11( nat)9(i)-2(o)10(n)0(al)9( sampl)9(e)-1(s)9( of)9( )-11(t)9(h)0(e)10( )-11(Ame)10(r)-2(i)9(can)11( )-11(Ho)10(usi)9(n)0(g)]TJ
ET
1 1 1 sc
320.68 746.4 248.4 -278.4 re
f*
BT
10.92 0 0 10.92 320.56 739.115 Tm
0 0 0 sc
-0.026 Tc
0.183 Tw
[(Survey )11(to deri)10(ve a )11(subsample o)11(f)-1( nonmoving o)11(w)-7(ner)10(-)-1(occupant)]TJ
0 -1.462 TD
0.006 Tc
0.239 Tw
[(hous)9(eho)10(l)-2(d)11(s)-2( wit)9(h)0( fi)9(xed)11(-r)9(at)9(e )-11(p)11(r)-2(i)9(m)4(ary)10( )-11(mo)10(rt)9(gage)10(s, so)10(me of)]TJ
T*
-0.003 Tc
0.072 Tw
[(w)-6(h)-9(o)-10(m)-5( ha)-10(d)-9( )11(r)-11(e)-10(fin)-9(a)-10(n)-9(ce)-10(d)-9(,)5( s)-11(i)0(n)-9(c)1(e)-10( th)-9(e in)-9(t)-11(e)1(r)-11(e)1(s)-11(t)0( ra)-10(t)-11(e)1( on)-9( th)-9(e)-10(ir lo)-10(a)-10(n)]TJ
0 -1.473 TD
0.006 Tc
0.195 Tw
[(in 1)11(987 wa)10(s di)9(ff)9(er)9(en)11(t f)9(r)-2(om t)9(h)0(at)9( re)10(por)9(t)-2(e)10(d)0( i)9(n)0( 1985)11(. The)]TJ
0 -1.462 TD
-0.003 Tc
0.335 Tw
[(a)-10(u)-9(th)-9(o)-10(r)0(s)-11(\222)-1( es)-11(ti)-11(ma)-10(te)-10( )11(o)-10(f)0( p)-9(o)1(s)-11(t)0(-)-11(o)-10(rig)-9(i)-11(n)2(a)-10(t)-11(io)-10(n h)-9(o)1(m)-16(e)1( e)-10(q)2(u)-9(i)-11(ty)-10( )11(w)-6(a)-10(s)]TJ
T*
0.007 Tc
0.062 Tw
[(der)10(i)-1(v)11(e)0(d fr)10(om )-11(t)10(h)1(e su)12(m)-6( of)10( )-11(t)10(h)1(e boo)11(k)1( val)10(ue of)10( )-11(a)11( )-11(ho)11(m)-6(e)11(owne)11(r\222)64(s)]TJ
0 -1.473 TD
0.006 Tc
0.26 Tw
[(ent)9(i)-2(r)9(e)-1( mor)9(t)-2(ga)10(ge d)11(e)-1(bt)9(, in)11(clu)11(d)0(in)11(g se)10(con)11(d mort)9(ga)10(ges)9( and)]TJ
0 -1.462 TD
0.007 Tc
0.139 Tw
[(home e)11(qui)10(ty)11( lo)11(ans)10(,)4( di)10(vid)12(e)0(d b)12(y)0( t)10(h)1(e o)11(w)-7(n)12(e)0(r)10(\222)53(s)10( as)10(se)11(ss)10(m)-6(e)11(nt)10( of)]TJ
T*
0.04 Tc
0.018 Tw
[(t)-12(h)2(e )-11(cu)-9(rren)-9(t)-1( v)-11(a)0(lue)-11( o)-11(f)-1( h)-9(is )-11(or )-11(her )-11(pr)-12(ope)-11(rty)88(.)]TJ
8.76 0 0 8.76 505.24 615.416 Tm
(3)Tj
10.92 0 0 10.92 510.04 611.195 Tm
[( I)-12(n)2( )-11(add)-9(itio)-11(n,)]TJ
-17.352 -1.473 TD
0.007 Tc
0.435 Tw
[(a pos)10(t)10(-)-1(or)10(ig)12(ina)11(t)-1(i)10(o)0(n mo)11(rt)10(gage)11( pay)11(m)-6(e)11(n)1(t)10(-)-1(t)10(o)0(-i)10(nc)11(ome r)10(a)0(ti)10(o,)]TJ
0 -1.462 TD
0.073 Tw
[(der)10(i)-1(v)11(e)0(d fr)10(om )-11(t)10(h)1(e home)11(owner)10(\222)64(s re)11(col)10(le)11(ct)10(io)11(n )-11(o)11(f)-1( tot)10(a)0(l)10( )-11(h)12(o)0(us)10(e-)]TJ
T*
0.006 Tc
0.041 Tw
[(hol)9(d)0( i)9(n)0(co)10(m)-7(e)10(, wa)10(s i)9(n)0(c)10(l)-2(ud)11(ed a)10(s)-2( )11(an )11(exp)11(lan)11(a)-1(t)9(o)-1(ry)10( va)10(ri)9(abl)9(e)-1(.)14( The)]TJ
0 -1.473 TD
-0.003 Tc
0.149 Tw
[(a)-10(u)-9(th)-9(o)-10(r)0(s)-11( fo)-10(u)-9(n)-9(d)2( )-11(th)-9(a)-10(t)0(,)-6( a)-10(l)0(o)-10(n)-9(g )-11(w)-6(i)0(t)-11(h)-9( ch)-9(a)-10(n)-9(ge)-10(s )-11(in)-9( i)-11(n)2(t)-11(e)-10(re)-10(st)-11( ra)-10(t)-11(e)1(s)-11(,)]TJ
0 -1.462 TD
0.007 Tc
0.051 Tw
[(pos)10(t)-1(-)10(o)0(r)10(i)-1(gi)10(nat)10(i)10(o)0(n ho)11(m)-6(e)11( equ)12(i)-1(t)10(y)0( an)12(d in)12(come)11( were)11( si)10(gni)10(fi)10(ca)11(nt)]TJ
T*
-0.015 Tw
[(and of the)11( )-11(exp)12(ect)10(ed)12( )-11(si)10(gn. )]TJ
3.297 -1.473 TD
0.051 Tw
[(This)10( art)10(i)-1(c)11(l)-1(e)11( )-11(g)12(oes)10( beyo)11(nd th)12(e exi)10(st)10(i)10(ng li)10(te)11(rat)10(u)1(r)10(e)0( in)]TJ
-3.297 -1.462 TD
-0.003 Tc
0.028 Tw
[(s)-11(e)-10(ve)-10(ra)-10(l )-11(imp)-9(o)-10(rt)-11(an)-9(t)-11( re)-10(sp)-9(e)-10(c)1(t)-11(s)0(.)-6( O)-17(u)2(r)-11(s)0( i)-11(s)0( )-11(th)-9(e)-10( fi)-11(rs)-11(t s)-11(t)0(u)-9(d)-9(y)1( )-11(to)-10( in)-9(v)-10(e)-10(s)0(-)]TJ
ET
1 1 1 sc
320.68 266.04 248.4 -191.28 re
f*
BT
10.92 0 0 10.92 320.56 258.756 Tm
0 0 0 sc
0.138 Tw
[(t)-11(i)0(g)-9(a)-10(te)-10( s)-11(y)-10(st)-11(ema)-10(t)-11(ic)-10(al)-11(ly)-10( t)-11(h)-9(e )-11(e)-10(ffe)-10(c)-10(t)0( )-11(of)-11( t)-11(h)-9(e )-11(th)-9(i)-11(r)0(d)-9( )-11(un)-9(d)-9(e)-10(rw)-6(r)-11(iti)-11(n)-9(g)]TJ
0 -1.473 TD
0.007 Tc
0.205 Tw
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[(w)-6(h)-9(ile)-10( o)-10(t)-11(he)-10(rs)-11( e)-10(x)1(e)-10(r)-11(ci)-11(se)-10( o)-10(p)-9(tio)-10(n)-9(s)0( )-11(th)-9(a)-10(t)0( a)-10(p)-9(p)-9(a)1(r)-11(e)1(n)-9(t)-11(ly)-10( a)-10(r)0(e)-10( n)-9(o)1(t)-11( i)-11(n)-9( th)-9(e)]TJ
0 -1.462 TD
0.007 Tc
0.128 Tw
[(mon)12(e)0(y)99(.)4( Thi)10(s)-1( he)11(te)11(rog)12(e)0(ne)11(it)10(y of)10( beh)12(avi)10(or)10( appe)11(ar)10(s t)10(o)0( be)11( )-11(d)12(u)1(e)]TJ
T*
-0.003 Tc
0.346 Tw
[(pa)-10(r)-11(tly)-10( to)-10( d)-9(i)0(f)-11(f)0(e)-10(r)0(e)-10(n)2(c)-10(e)-10(s)0( in)-9( h)-9(o)1(m)-16(e)1(o)-10(w)-6(n)-9(e)1(r)-11(s)0(\222)-12( ab)-9(il)-11(it)-11(y t)-11(o)1( s)-11(e)1(c)-10(u)-9(re)]TJ
0 -1.473 TD
0.007 Tc
-0.004 Tw
[(r)10(e)0(pl)10(ac)11(emen)12(t f)10(i)10(n)1(anc)11(i)-1(n)12(g)1(. I)10(f)-1( )11(an )11(in)12(div)11(i)-1(d)12(u)1(al)10( c)11(a)0(nno)11(t )11(qua)11(li)10(fy)11( f)10(o)0(r )11(a)]TJ
0 -1.462 TD
-0.004 Tc
0.018 Tw
[(ne)-11(w)-7( m)-17(o)0(r)-12(t)-1(g)-10(a)-11(ge)-11(,)-7( o)-11(r)-1( c)-11(a)-11(n)1( q)-10(u)-10(a)-11(li)-12(fy)-11( on)-10(l)-12(y)0( )-11(at)-12( an)-10( i)-12(n)-10(te)-11(re)-11(st)-12( ra)-11(t)-12(e)0( m)-17(u)1(c)-11(h)]TJ
T*
0.007 Tc
-0.026 Tw
[(h)12(i)-1(gh)12(er th)12(an tha)11(t)-1( ava)11(il)10(abl)10(e)0( to th)12(e )-11(b)12(e)0(st)10( )-11(c)11(r)-1(e)11(d)1(it)10( )-11(r)10(i)-1(s)10(k)1(s)10(,)4( )-11(t)10(h)1(en re)11(fi)10(-)]TJ
0 -1.473 TD
0.006 Tc
0.008 Tw
[(n)11(a)-1(nc)10(ing)11( may )11(not)9( be )11(pos)9(s)-2(i)9(b)0(l)9(e)-1( o)10(r)-2( wo)10(rt)9(hwhi)9(le)10( ev)10(en t)9(h)0(ou)11(gh a)10(t)]TJ
0 -1.462 TD
-0.003 Tc
0.006 Tw
[(fi)-11(rs)-11(t g)-9(l)0(a)-10(n)-9(ce)-10( th)-9(e)-10( )11(o)-10(p)-9(ti)-11(on)-9( a)-10(p)-9(pe)-10(a)-10(r)0(s)-11( )11(t)-11(o)-10( )11(b)-9(e)-10( in)-9( th)-9(e)-10( mon)-9(e)-10(y)89(.)]TJ
3.297 -1.462 TD
0.007 Tc
0.007 Tw
[(W)7(h)1(i)10(l)-1(e )11(a d)12(ecl)10(in)12(e i)10(n)1( e)11(qui)10(ty)11( re)11(su)12(lt)10(ing)12( fr)10(om)5( a)11( dr)10(op i)10(n)]TJ
-3.297 -1.473 TD
-0.003 Tc
0.149 Tw
[(pr)-11(o)-10(p)2(e)-10(r)0(t)-11(y)-10( v)-10(a)1(l)-11(u)2(e)-10( ma)-10(y)-10( ru)-9(l)-11(e)1( )-11(ou)-9(t)-11( re)-10(fi)-11(n)-9(a)1(n)-9(c)-10(in)-9(g)-9( fo)-10(r )-11(so)-10(me)-10( h)-9(o)1(m)-16(e)1(-)]TJ
0 -1.462 TD
-0.004 Tc
-0.004 Tw
[(ow)-7(n)-10(e)-11(rs)-12(,)-7( re)-11(fi)-12(na)-11(n)-10(c)0(i)-12(n)-10(g m)-17(a)0(y)-11( al)-12(so)-11( n)-10(o)0(t)-12( b)-10(e)0( p)-10(o)-11(ss)-12(ib)-10(le)-11( or)-12( w)-7(o)-11(rt)-12(hw)-7(h)-10(i)-12(le)]TJ
0 -1.473 TD
0.007 Tc
0.183 Tw
[(b)12(eca)11(use)11( th)12(e ho)11(m)-6(e)11(owne)11(r\222)64(s p)12(e)0(rs)10(on)12(al c)11(r)-1(e)11(d)1(it)10( hi)10(st)10(or)10(y i)10(s)-1( mar)10(-)]TJ
0 -1.462 TD
0.006 Tc
0.052 Tw
[(g)11(i)-2(na)10(l or)9( )-11(p)11(oor)64(. Thi)9(s)-2( con)11(dit)9(i)-2(o)10(n)0( ei)9(the)10(r)-2( pr)9(eve)10(nt)9(s the)10( )-11(b)11(o)-1(r)9(r)-2(owe)10(r)]TJ
T*
-0.004 Tc
0.073 Tw
[(fr)-12(om o)-11(b)-10(ta)-11(in)-10(in)-10(g)-10( re)-11(pl)-12(ac)-11(e)-11(m)-6(e)-11(n)1(t)-12( )11(f)-12(i)-1(n)-10(a)-11(nc)-11(i)-12(n)1(g)-10( or)-12( ra)-11(is)-12(es)-12( )11(t)-12(h)-10(e co)-11(s)-12(t)-1( of)]TJ
0 -1.473 TD
0.117 Tw
[(th)-10(a)-11(t)-1( fi)-12(n)-10(a)0(n)-10(c)-11(in)-10(g)-10( )11(s)-12(u)-10(ch)-10( th)-10(a)-11(t)-1( th)-10(e)-11( pr)-12(es)-12(e)-11(n)1(t)-12( va)-11(lu)-10(e)-11( of)-12( )11(t)-12(h)-10(e b)-10(e)0(n)-10(e)-11(fi)-12(ts)]TJ
0 -1.462 TD
0.007 Tc
0.106 Tw
[(d)12(oes)10( not)10( of)10(fs)10(et)10( )-11(t)10(h)1(e)11( )-11(t)10(r)-1(a)11(n)1(s)10(act)10(io)11(n co)11(st)10(s. Not)10( onl)10(y)0( mig)12(h)1(t t)10(h)1(e)]TJ
T*
-0.004 Tc
0.216 Tw
[(in)-10(te)-11(re)-11(s)-12(t)-1( r)-12(a)0(t)-12(e)0( )-11(av)-11(ai)-12(la)-11(b)-10(l)-1(e)-11( e)-11(x)0(c)-11(e)0(e)-11(d)-10( t)-12(h)1(a)-11(t)-1( )-11(of)-12(fe)-11(re)-11(d)-10( to)-11( i)-12(n)1(d)-10(i)-12(vi)-12(du)-10(a)-11(l)-1(s)]TJ
0 -1.473 TD
0.007 Tc
-0.026 Tw
[(wi)10(th)12( )-11(pe)11(rf)10(ec)11(t cr)10(edi)10(t)-1( r)10(a)0(ti)10(ngs)10(, but)10( )-11(t)10(r)-1(a)11(n)1(s)10(act)10(io)11(n cos)10(ts)10( m)-6(i)10(ght)10( )-11(a)11(l)-1(s)10(o)]TJ
0 -1.462 TD
0.007 Tw
[(b)12(e)0( hi)10(ghe)11(r)54(.)4( I)10(n)1( a)11(ddi)10(ti)10(on t)10(o)0( p)12(ayi)10(ng )11(hig)12(h)1(er)10( out)10(-)-1(o)11(f)-1(-)10(p)1(oc)11(ket)10( cl)10(os)10(-)]TJ
T*
0.15 Tw
[(i)10(ng )11(cos)10(ts)10(, )11(the)11( cr)10(ed)12(it)10(-i)10(m)-6(p)12(ai)10(re)11(d bo)11(rr)10(ower)10( may)11( be)11( a)11(s)-1(ke)11(d t)10(o)]TJ
0 -1.473 TD
-0.003 Tc
0.138 Tw
[(pr)-11(o)-10(v)1(i)-11(d)2(e)-10( su)-9(b)-9(s)0(t)-11(a)1(n)-9(t)-11(ia)-10(ll)-11(y mo)-10(re)-10( )11(p)-9(e)-10(rs)-11(on)-9(a)-10(l)0( fi)-11(n)-9(a)1(n)-9(c)-10(ia)-10(l in)-9(fo)-10(r)-11(m)-5(at)-11(io)-10(n)]TJ
ET
1 1 1 sc
320.68 746.4 248.4 -485.4 re
f*
BT
10.92 0 0 10.92 320.56 739.115 Tm
0 0 0 sc
0.007 Tc
-0.004 Tw
[(and )11(m)-6(a)11(y f)10(ace)11( a s)10(ubs)10(ta)11(nt)10(ial)10(l)10(y)0( l)10(o)0(nge)11(r u)12(nder)10(w)4(ri)10(ti)10(ng )11(pro)11(ces)10(s.)]TJ
3.297 -1.462 TD
-0.026 Tc
0.007 Tw
[(O)-7(f)10( cours)10(e, other)10( fact)10(ors m)5(ay )11(explain )11(this )11(heter)10(o)0(geneity)]TJ
-3.297 -1.462 TD
0.172 Tw
[(of re)11(financi)10(ng behavi)10(or)54(. For )11(insta)11(n)-10(c)11(e, hom)-6(e)11(ow)-7(ner)10(s)-1( of)10(ten r)10(e)0(fi-)]TJ
0 -1.473 TD
0.15 Tw
[(nance when the o)11(p)1(tion i)10(s)-1( not i)10(n)1( the m)5(o)0(ney i)10(n)1( order )11(to take)]TJ
0 -1.462 TD
0.04 Tw
[(equity out)10( )-11(of)10( the proper)10(ty)88(. After)10( all, m)5(o)0(rtgage debt)10( )-11(i)10(s)-1( typi)10(cally)]TJ
T*
0.117 Tw
[(the lowes)10(t)-1( cost)10( debt cons)10(u)1(m)-6(e)0(r)10(s)-1( can obt)10(a)0(in, part)10(icular)10(ly on a)11(n)]TJ
0 -1.473 TD
0.314 Tw
[(after)10(-tax )11(basis)10(.)-7( )11(C)-8(o)0(nve)11(rsel)10(y)88(, som)5(e)0( hom)5(eowners )11(w)-7(h)1(o a)11(r)-1(e not)]TJ
0 -1.462 TD
0.172 Tw
[(equity-)98(,)4( credi)10(t-, or )11(income-const)10(rained )11(choose not)10( to exer)10(cise)]TJ
T*
0.04 Tw
[(options)10( that)10( appear)10( to)11( be )11(in t)10(h)1(e money)88(.)4( )11(There )11(are )11(severa)11(l)-1( pos)10(si-)]TJ
0 -1.473 TD
0.106 Tw
[(ble r)10(easons )11(for )11(such behavi)10(or)54(. For)10( inst)10(ance, a )11(hom)-6(eowner )11(w)-7(h)1(o)]TJ
0 -1.462 TD
0.15 Tw
[(expected )11(to move i)10(n)1( the nea)11(r)-1( fut)10(u)-10(r)10(e)0( might not)10( have e)11(n)-10(o)11(ugh)]TJ
T*
-0.004 Tw
[(tim)5(e to reco)11(u)-10(p)1( t)10(h)1(e transa)11(c)0(tion cos)10(ts of r)10(e)0(financ)11(i)-1(ng.)]TJ
3.297 -1.473 TD
-0.004 Tc
0.007 Tw
[(In o)11(u)1(r mode)11(l o)11(f)-1( r)10(e)0(fi)10(nanc)11(ing, )11(the )11(depe)11(ndent)10( var)10(ia)11(ble)]TJ
-3.297 -1.462 TD
0.007 Tc
0.117 Tw
[(is)10( a di)10(scr)10(e)0(t)10(e)0( bi)10(na)11(ry i)10(ndi)10(ca)11(to)11(r th)12(at)10( )-11(a)11(s)-1(s)10(u)1(m)5(e)0(s)10( the)11( val)10(ue)11( )-11(o)11(f)-1( 1)]TJ
T*
0.006 Tc
0.162 Tw
[(when th)11(e homeo)10(w)3(ner)9( )-11(r)9(e)-1(f)9(i)-2(n)11(a)-1(nc)10(es)9( )-11(a)10(nd zer)9(o ot)9(her)9(w)3(is)9(e. W)72(e)]TJ
0 -1.473 TD
-0.004 Tc
-0.026 Tw
[(use l)10(o)0(git)10( anal)10(ysi)10(s)-1( to)11( )-11(e)11(s)-1(t)10(i)-1(mate)11( )-11(t)10(h)1(e ef)10(fec)11(t)-1( of)10( )-11(v)11(a)0(ri)10(ous)10( )-11(e)11(x)0(pla)11(n)1(at)10(ory)]TJ
0 -1.462 TD
0.007 Tc
0.04 Tw
[(var)10(ia)11(bl)10(es )11(on )11(the)11( pr)10(oba)11(b)1(il)10(i)10(t)-1(y )11(tha)11(t)-1( )11(a l)10(o)0(a)11(n)1( wi)10(ll)10( be)11( r)10(e)0(fi)11(n)-9(a)0(n)-10(c)0(e)-11(d)-9(.)]TJ
T*
0.006 Tc
-0.003 Tw
[(The e)10(x)-1(pl)9(ana)10(t)-2(o)10(r)-2(y)10( var)9(ia)10(bl)9(es)9( m)-7(a)10(y be)10( ca)10(te)10(gor)9(i)-2(z)10(e)-1(d a)10(s)-2( \()9(1)0(\))9( m)-7(a)10(rk)11(et)]TJ
0 -1.473 TD
-0.003 Tc
0.039 Tw
[(i)-11(n)-9(te)-10(re)-10(st)-11( )11(r)-11(a)1(t)-11(e)-10(s )11(a)-10(n)-9(d)-9( )11(o)-10(t)0(h)-9(e)-10(r fa)-10(ct)-11(or)-11(s in)-9( th)-9(e le)-10(n)-9(d)-9(i)0(n)-9(g)-9( )11(e)-10(n)2(v)-10(i)0(r)-11(o)-10(nm)-16(en)-9(t)]TJ
0 -1.462 TD
0.007 Tc
-0.015 Tw
[(af)10(fec)11(t)-1(i)10(ng t)10(h)1(e co)11(st)10(, bot)10(h)1( fi)10(nan)12(c)0(ia)11(l a)11(nd non)12(f)-1(i)10(n)1(anc)11(i)-1(a)11(l)-1(, o)11(f)-1( ca)11(rr)10(y-)]TJ
0 -1.473 TD
0.073 Tw
[(ing)12( )-11(o)11(u)1(t a)11( )-11(r)10(e)0(f)10(i)-1(na)11(nci)10(ng t)10(r)-1(a)11(n)1(sa)11(ct)10(io)11(n, \(2\))10( the)11( cre)11(d)1(i)10(t)-1( hi)10(st)10(or)10(y of)]TJ
0 -1.462 TD
-0.004 Tw
[(the)11( )-11(h)12(o)0(m)5(e)0(o)11(w)-7(n)12(e)0(r)65(,)4( and \()10(3)1(\) a)11(n)1( es)10(ti)10(ma)11(te)11( )-11(o)11(f)-1( t)10(h)1(e po)11(st)10(-or)10(i)-1(g)12(i)-1(na)11(ti)10(on)]TJ
T*
0.006 Tc
0.041 Tw
[(L)77(T)2(V r)9(a)-1(ti)9(o.)14( I)9(n)0( a)10(ddi)9(ti)9(on, )11(as)9( i)9(n)0( )11(m)-7(o)10(st)9( p)11(r)-2(ep)11(ayme)10(n)0(t )11(model)9(s)9(,)3( we)]TJ
0 -1.473 TD
-0.003 Tc
0.193 Tw
[(i)-11(n)-9(cl)-11(ud)-9(e)-10( th)-9(e)-10( n)-9(u)2(m)-16(b)2(e)-10(r)-11( of)-11( mo)-10(nt)-11(h)-9(s)0( s)-11(i)0(n)-9(c)-10(e o)-10(r)0(i)-11(g)-9(in)-9(a)-10(tio)-10(n)-9( \(o)-10(r)-11( th)-9(e)]TJ
0 -1.462 TD
0.007 Tc
-0.004 Tw
[(\223ag)12(e\224 o)11(f)-1( t)10(h)1(e)11( m)-6(o)11(rt)10(gag)12(e)0(\))10( to )11(cap)12(tur)10(e)0( a)11(g)1(e-)10(co)11(rr)10(ela)11(t)-1(e)11(d)1( ef)10(f)10(ect)10(s n)12(o)0(t)]TJ
T*
-0.004 Tc
0.249 Tw
[(s)-12(t)-1(e)-11(m)-6(m)-6(i)-12(n)-10(g)1( fr)-12(om)-6( eq)-10(u)-10(i)-1(t)-12(y)88(,)-7( )11(c)-11(r)-1(e)-11(d)1(i)-12(t)-1(,)-7( )11(o)-11(r)-1( th)-10(e ot)-12(he)-11(r)-12( )11(ex)-11(p)-10(l)-1(a)-11(n)-10(at)-12(or)-12(y)]TJ
0 -1.473 TD
0.007 Tc
0.007 Tw
[(var)10(ia)11(bl)10(es.)15( \(S)11(ee t)10(h)1(e)11( app)12(e)0(ndi)10(x f)10(o)0(r)10( f)10(u)1(rt)10(her)10( ex)11(pl)10(ana)11(t)-1(i)10(o)0(n o)11(f)-1( l)10(o)0(gi)10(t)]TJ
0 -1.462 TD
-0.003 Tc
0.017 Tw
[(a)-10(n)-9(al)-11(y)-10(sis)-11( a)-10(n)-9(d )-11(ho)-10(w)-6( i)-11(t)0( )-11(is)-11( a)-10(p)2(p)-9(l)-11(ie)-10(d )-11(in)-9( t)-11(h)2(i)-11(s)0( )-11(ca)-10(se)-10(.)-6(\))0( )-11(Mo)-10(re)-10( d)-9(e)1(t)-11(a)1(i)-11(l)0(s)-11( o)-10(n)]TJ
T*
0.16 Tw
[(t)-11(h)-9(e d)-9(e)1(f)-11(i)0(n)-9(i)-11(tio)-10(n)-9( an)-9(d)-9( )11(s)-11(p)-9(ec)-10(if)-11(ic)-10(a)-10(tio)-10(n)-9( of)-11( )11(t)-11(h)-9(es)-11(e v)-10(a)1(r)-11(i)0(a)-10(b)-9(le)-10(s fo)-10(ll)-11(o)-10(w)-6(;)]TJ
0 -1.473 TD
0.006 Tw
[(T)81(a)-10(bl)-11(e 1)-9( p)-9(r)0(e)-10(s)0(e)-10(n)-9(ts)-11( su)-9(mma)-10(ry)-10( st)-11(a)-10(tis)-11(ti)-11(c)-10(s)0(.)-6( )]TJ
ET
1 1 1 sc
46.96 87.12 521.76 -9.24 re
f*
q
46.96 87.12 521.76 -9.24 re
W n
0 1 1 sc
45.64 84.36 532.32 -0.48 re
f*
Q
q
46.96 87.12 521.76 -9.24 re
W n
46.96 87.12 531 -9.24 re
f*
0 0 0 sc
45.64 84.36 532.32 -0.48 re
f*
Q
BT
7.92 0 0 7.92 46.96 72.524 Tm
0 0 0 sc
0 Tc
0.008 Tw
[(So)-11(urce:)-8( )16(A)-15(utho)-11(rs\222 calcul)-10(a)-5(ti)-10(on)-15(s.)]TJ
/F5 1 Tf
0.5 20.616 TD
-0.081 Tc
0.089 Tw
[(Ta)-76(b)-86(l)-91(e)-76( 1)-81( )]TJ
/F3 1 Tf
9.96 0 0 9.96 50.92 226.445 Tm
(S)Tj
7.92 0 0 7.92 55.36 226.484 Tm
0.002 Tc
[(UM)-13(MA)-13(RY)]TJ
9.96 0 0 9.96 90.4 226.445 Tm
0 Tw
( S)Tj
7.92 0 0 7.92 97.36 226.484 Tm
0.01 Tc
[(TA)10(TI)10(STI)10(C)0(S)]TJ
9.96 0 0 9.96 134.68 226.445 Tm
( )Tj
7.92 0 0 7.92 137.2 226.484 Tm
0.003 Tc
(FOR)Tj
9.96 0 0 9.96 152.32 226.445 Tm
( E)Tj
7.92 0 0 7.92 160.36 226.484 Tm
0.004 Tc
[(XPLA)-11(N)-6(ATORY)]TJ
9.96 0 0 9.96 212.8 226.445 Tm
0.003 Tc
( V)Tj
7.92 0 0 7.92 221.44 226.484 Tm
0.001 Tc
[(AR)-14(IAB)-9(LES)]TJ
9.96 0 0 9.96 256.96 226.445 Tm
( )Tj
ET
1 1 1 sc
424.72 217.08 144 -9.72 re
f*
BT
7.92 0 0 7.92 490.24 209.924 Tm
0 0 0 sc
0.015 Tc
[(Me)10(a)25(n)]TJ
-55.47 -1.273 TD
0 Tc
0.008 Tw
[(Ex)-11(pl)-10(a)10(n)-15(ator)-15(y V)46(a)-5(riab)-15(le)-4869(Des)-15(c)10(r)-15(ipt)-15(i)5(o)-11(n)-31819( R)-15(e)-5(fi)-10(nanci)-10(ngs)-3228(No)-11(nr)-15(e)10(f)-10(i)-10(n)0(anci)-10(ngs)]TJ
0 -1.258 TD
[(W)-15(R)0(S)-11(T)5(N)-10(O)-5(W)-7712(W)61(o)-11(rst curren)-15(t)0( c)10(r)-15(edit)-15( )16(st)-15(atus \(1)-15(=)-6(g)0(o)-11(o)5(d)-15( )16(cred)-15(it,)-8( 30,)-8( 60,)-8( )16(9)-15(0)0(,)-8( )16(1)-15(20,)-8( 150)-15(,)8( 18)-15(0,)-8( )16(4)-15(00=)-6(def)-10(a)-5(ul)-10(t\))-5831(26)-15(.)8(5)]TJ
ET
1 1 1 sc
496.72 197.16 72 -10.08 re
f*
BT
7.92 0 0 7.92 529.72 189.884 Tm
0 0 0 sc
[(42.)-8(5)]TJ
-60.455 -1.258 TD
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S
Q
BT
7.501 0 0 7.564 342.883 105.328 Tm
[(1983)-777(84)]TJ
4.868 -0.003 TD
(85)Tj
2.184 0.003 TD
[(86)-1144(87)-1204(88)]TJ
6.492 -0.003 TD
(89)Tj
2.155 0.006 TD
[(90)-1175(91)-1137(92)]TJ
6.462 -0.004 TD
(93)Tj
2.137 0.004 TD
[(94)-1188(95)-1188(96)]TJ
ET
/CS1 cs 1 1 1 sc
/GS1 gs
45.64 746.4 248.4 -667.68 re
f*
BT
/F3 1 Tf
10.92 0 0 10.92 45.64 739.115 Tm
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0 -1.462 TD
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[(o)11(f)-1( reg)12(i)-1(onal)10( dif)10(f)-1(er)10(ences)10( in m)5(o)0(rt)10(gage i)10(n)1(tere)11(st r)10(a)0(te)11(s or d)12(iff)10(erenc)11(e)0(s)]TJ
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[(i)9(n)0( t)9(h)0(e)10( s)9(h)0(op)11(pi)9(ng a)10(nd )11(bar)31(g)0(ai)9(ni)9(ng)11( sk)11(il)9(l)9(s)-2( o)10(f)9( re)10(fi)9(na)10(nc)10(er)9(s.)]TJ
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(V)Tj
9.96 0 0 9.96 53.2 674.165 Tm
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[(OL)17(AT)8(I)19(L)5(I)7(T)8(Y)]TJ
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[(As)9( not)9(e)-1(d)11( abo)10(ve, )11(st)9(anda)10(rd)11( opt)9(i)-2(o)10(n)0( th)11(eor)9(y s)9(ugg)11(est)9(s)-2( )11(tha)10(t)-2( t)9(h)0(er)9(e)]TJ
0 -1.473 TD
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[(i)9(s)-2( v)10(a)-1(l)9(u)0(e a)10(s)-2(s)9(oci)9(at)9(ed wi)9(th )]TJ
/F5 1 Tf
9.758 -0.003 TD
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[(no)-12(t)]TJ
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1.055 0.003 TD
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[( ex)12(erc)12(i)0(s)11(i)0(n)13(g)2( th)13(e opt)11(i)0(o)12(n)2( to)12( re)12(fi)11(-)]TJ
-10.813 -1.462 TD
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[(n)12(a)0(nc)11(e )-11(t)10(h)1(a)11(t)-1( is)10( )-11(i)10(n)1(cr)10(ea)11(si)10(ng wit)10(h)1( the)11( )-11(e)11(x)0(pe)11(cte)11(d)1( fut)10(u)1(r)10(e)0( vol)10(at)10(il)10(it)10(y)]TJ
T*
0.051 Tw
[(o)11(f)-1( in)12(te)11(res)10(t)-1( r)10(a)0(t)10(e)0(s.)15( )-11(As)10(sum)5(i)10(ng th)12(at)10( )-11(o)11(n)1(e ca)11(n )-11(c)11(o)0(r)10(r)-1(e)11(c)0(t)10(l)-1(y m)5(e)0(a)11(s)-1(ur)10(e)]TJ
0 -1.473 TD
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[(e)11(x)0(pe)11(ct)10(ed fu)12(tur)10(e)0( vo)11(la)11(ti)10(li)10(ty)99(, th)12(eor)10(y al)10(so)11( )-11(s)10(ugge)11(st)10(s t)10(h)1(at)10(, )-11(wh)12(en)]TJ
0 -1.462 TD
[(i)10(n)1(cl)10(ude)11(d i)10(n)1( a)11( m)5(o)0(de)11(l s)10(u)1(c)11(h)1( as)10( o)11(u)1(rs)10(, vo)11(la)11(ti)10(li)10(ty)11( s)10(h)1(oul)10(d)1( h)12(ave)11( a)]TJ
T*
[(n)12(e)0(ga)11(ti)10(ve )11(s)10(i)-1(gn)12(. Th)12(at)10( i)10(s)-1(,)15( hi)10(ghe)11(r )11(vo)11(la)11(ti)10(li)10(ty)11( s)10(h)1(o)11(u)1(ld)12( r)10(e)0(du)12(ce )11(t)10(h)1(e)]TJ
0 -1.473 TD
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[(p)11(r)-2(ob)11(abi)9(l)-2(i)9(t)-2(y)10( t)9(h)0(at)9( a)10( l)9(o)-1(a)10(n)0( wi)9(ll)9( )11(be )11(re)10(fi)9(nan)11(ced)11(. The)10( e)10(x)-1(pe)10(ct)9(ed)]TJ
0 -1.462 TD
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[(e)11(f)-1(f)10(e)0(c)11(t)-1( )11(of )11(vo)11(la)11(ti)10(li)10(ty)11( ha)11(s )11(bee)11(n)1( f)10(o)0(un)12(d i)10(n)1( )11(som)5(e)11( s)10(t)-1(ud)12(ies)10( o)11(n)1( t)10(h)1(i)10(s)]TJ
T*
0.006 Tc
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[(t)9(o)-1(pi)9(c. Fo)10(r exa)10(mple)10(, )-11(Gi)9(li)9(be)10(rt)9(o and Thi)9(b)0(od)11(eau)11( )-11(\()9(1989)11(\), who)]TJ
0 -1.473 TD
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[(mea)11(s)-1(u)12(r)-1(e)11( vol)10(at)10(il)10(it)10(y a)11(s)-1( t)10(h)1(e v)11(a)0(ri)10(an)12(ce o)11(f)-1( mon)12(t)-1(hl)10(y a)11(ver)10(age)11(s)-1( o)11(f)]TJ
0 -1.462 TD
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[(mo)-10(rt)-11(ga)-10(g)-9(e)1( i)-11(n)-9(te)-10(re)-10(st)-11( ra)-10(te)-10(s)-11( ov)-10(er)-11( t)-11(h)2(e)-10(i)0(r)-11( sa)-10(mp)-9(le)-10( p)-9(e)-10(rio)-10(d)-9(,)-6( fi)-11(n)-9(d)2( t)-11(h)-9(at)]TJ
T*
0.007 Tc
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[(g)12(r)-1(ea)11(te)11(r v)11(o)0(l)10(a)0(ti)10(l)10(i)-1(t)10(y)0( t)10(e)0(nds)10( to)11( in)12(cr)10(eas)10(e t)10(h)1(e a)11(g)1(e o)11(f)-1( a)11( mor)10(t)-1(ga)11(ge)]TJ
0 -1.473 TD
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[(\()9(a)-1(nd)11( dec)10(r)-2(e)10(a)-1(s)9(e)-1( pr)9(epa)10(y)-1(ment)9(s\))9(. I)9(n)0( co)10(ntr)9(a)-1(s)9(t)-2(, Ca)10(pl)9(an, Fr)9(ee)10(man,)]TJ
0 -1.462 TD
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[(an)-9(d)-9( )11(T)59(r)0(a)-10(c)1(y)-10( \(1)-9(99)-9(3)-9(\))0( fi)-11(nd)-9( th)-9(e)-10(ir me)-10(as)-11(u)-9(r)0(e)-10( )11(o)-10(f)0( e)-10(x)1(p)-9(e)-10(ct)-11(ed)-9( fu)-9(tu)-9(re)]TJ
0 -1.473 TD
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[(volatility to be )11(in)-10(signific)-11(ant and drop)-10( )11(it )11(fr)-12(om)5( their ana)-11(l)-1(ysis.)]TJ
3.297 -1.462 TD
0.007 Tc
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[(Al)10(th)12(ough)12( the)11( th)12(eor)10(et)10(ic)11(al)10( ef)10(fe)11(ct)10( of)10( ex)11(pec)11(t)-1(ed)12( fu)12(tur)10(e)]TJ
-3.297 -1.462 TD
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[(vo)-10(la)-10(t)-11(ili)-11(ty)-10( o)-10(n)-9( th)-9(e)-10( p)-9(r)0(o)-10(b)-9(ab)-9(i)-11(l)0(i)-11(t)0(y)-10( th)-9(a)-10(t)0( )-11(a l)-11(o)-10(an)-9( w)-6(i)-11(ll)-11( b)-9(e)1( )-11(re)-10(fi)-11(na)-10(n)-9(c)1(e)-10(d)]TJ
0 -1.473 TD
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[(i)10(s)-1( n)12(e)0(ga)11(ti)10(ve, a)11(c)0(t)10(u)1(al)10( vol)10(at)10(il)10(it)10(y du)12(ri)10(ng a g)12(i)-1(ve)11(n ti)10(me pe)11(ri)10(od)]TJ
0 -1.462 TD
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[(s)10(h)1(ou)12(ld )11(cor)10(re)11(la)11(te)11( pos)10(i)-1(t)10(i)-1(v)11(e)0(l)10(y)0( wi)10(th )11(the)11( pr)10(oba)11(b)1(il)10(it)10(y o)11(f)-1( )11(ref)10(i)10(n)1(anc)11(-)]TJ
T*
0.117 Tw
[(in)-10(g )-11(du)-10(ri)-12(ng)-10( t)-12(h)1(a)-11(t)-1( p)-10(e)-11(rio)-11(d)-10(.)4( )-11(Th)-10(a)-11(t)-1( i)-12(s)-1(,)-7( if)-12( mar)-12(k)-10(et )-11(in)-10(te)-11(re)-11(st r)-12(a)0(t)-12(e)0(s)]TJ
0 -1.473 TD
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[(du)-9(ri)-11(n)-9(g)2( )-11(th)-9(e )-11(re)-10(lev)-10(a)-10(n)2(t)-11( in)-9(t)-11(e)1(rv)-10(a)-10(l)0( a)-10(r)0(e)-10( r)-11(e)1(l)-11(a)1(ti)-11(ve)-10(ly)-10( v)-10(o)1(l)-11(a)1(t)-11(ile)-10(,)-6( a)]TJ
0 -1.462 TD
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[(h)12(o)0(m)5(e)0(o)11(w)4(ne)11(r wi)10(l)10(l)-1( b)12(e)0( m)5(o)11(re)11( li)10(ke)11(ly)11( to)11( ob)12(se)11(rv)11(e a)11(n)1( o)11(ppo)11(rt)10(un)12(it)10(y)]TJ
T*
0.007 Tc
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[(to)-11( )11(r)-12(e)0(f)-12(i)-1(n)-10(a)0(n)-10(c)-11(e th)-10(a)-11(n)1( if)-12( ra)-11(tes)-12( ar)-12(e re)-11(la)-11(ti)-12(ve)-11(ly)-11( )11(s)-12(t)-1(a)-11(b)1(l)-12(e)0(.)]TJ
3.297 -1.473 TD
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[(T)100(o)-1( ca)10(pt)9(ure)10( thi)9(s)-2( e)10(f)-2(f)9(e)-1(c)10(t)-2(, we i)9(n)0(cl)9(ude)10( as)9( an ex)10(pl)9(ana)10(t)-2(or)9(y)]TJ
-3.297 -1.462 TD
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[(v)11(a)0(r)10(i)-1(a)11(b)1(le)11( the)11( hi)10(st)10(or)10(ic)11(al )11(st)10(anda)11(rd)12( dev)11(i)-1(a)11(t)-1(i)10(o)0(n \()10(H)5(SD\) o)11(f)-1( m)5(a)11(rke)11(t)]TJ
T*
-0.003 Tc
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[(ra)-10(te)-10(s d)-9(u)-9(r)0(i)-11(n)-9(g t)-11(h)2(e)-10( ti)-11(me)-10( in)-9(te)-10(r)-11(v)1(a)-10(l)0( f)-11(r)0(o)-10(m)-5( p)-9(u)2(r)-11(c)-10(ha)-10(se)-10( to)-10( re)-10(fi)-11(n)-9(a)1(n)-9(c)-10(in)-9(g)]TJ
0 -1.473 TD
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0 -1.462 TD
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[(mea)11(s)-1(u)12(r)-1(e)11(d)1( as)10( th)12(e s)10(t)-1(a)11(ndar)10(d)1( de)11(vi)10(at)10(io)11(n of)10( th)12(e t)10(e)0(n-)10(ye)11(ar )11(T)69(r)10(ea)11(sur)10(y)]TJ
T*
0.018 Tw
[(b)12(o)0(nd ra)11(te)11(. W)73(e)0( exp)12(ect)10( thi)10(s)-1( va)11(ri)10(abl)10(e)0( t)10(o)0( )-11(b)12(e)0( di)10(rec)11(t)-1(l)10(y)0( re)11(la)11(te)11(d )-11(t)10(o)]TJ
0 -1.473 TD
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[(th)-9(e)-10( )11(p)-9(r)-11(ob)-9(a)-10(b)-9(ili)-11(ty)-10( th)-9(a)-10(t)0( a)-10( lo)-10(an)-9( w)-6(i)-11(ll b)-9(e)-10( re)-10(fi)-11(na)-10(n)-9(c)1(e)-10(d)-9(.)]TJ
12.48 0 0 12.48 45.64 146.081 Tm
(L)Tj
9.96 0 0 9.96 51.88 146.045 Tm
-0.001 Tc
[(EN)-6(DI)-5(N)-6(G)]TJ
12.48 0 0 12.48 90.76 146.081 Tm
0 Tc
0 Tw
( E)Tj
9.96 0 0 9.96 100.84 146.045 Tm
0.006 Tc
[(NV)10(IR)10(O)-7(N)13(ME)8(NT)]TJ
10.92 0 0 10.92 45.64 131.076 Tm
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[(As)9( not)9(e)-1(d by)10( )-11(ma)10(ny in)11(dus)9(tr)9(y exp)11(er)9(ts)9(, bet)9(w)3(een)11( )-11(t)9(h)0(e l)9(a)-1(t)9(e)-1( 198)11(0s)]TJ
0 -1.462 TD
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[(a)10(nd th)11(e ea)10(rl)9(y 1990)11(s, t)9(h)0(e mor)9(t)-2(ga)10(ge l)9(e)-1(ndi)9(ng i)9(ndus)9(tr)9(y)]TJ
T*
0.008 Tc
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[(b)13(eca)12(me)12( m)6(o)1(re)12( agg)13(r)0(es)11(si)11(ve)12( in s)11(o)1(l)11(i)0(c)12(i)0(t)11(i)0(n)13(g)2( re)12(fi)11(nan)13(c)1(in)13(gs.)16( )-11(T)102(o)]TJ
0 -1.473 TD
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[(W)73(e)-11( n)-9(o)0(w)-7( )-11(ex)-11(am)-6(in)-9(e )-11(a )-11(cr)-12(oss)-12( t)-12(a)0(b)-9(u)1(l)-12(a)0(ti)-12(on)-9( o)-11(f)-1( t)-12(h)1(e)]TJ
-3.297 -1.462 TD
-0.014 Tc
-0.016 Tw
[(W)-36(R)-39(S)-32(T)-40(N)-38(O)-39(W)-47( )-22(a)-32(n)-41(d)-41( )-21(W)-14(R)-6(ST)-7(E)-7(V)-17(E)-7(R)-6( va)-10(l)-11(u)2(e)-10(s)-11( fo)-10(r a)-10(l)-11(l in)-9(d)-9(i)-11(vi)-11(d)-9(u)-9(a)1(l)-11(s)0( i)-11(n)]TJ
0 -1.473 TD
-0.004 Tc
0.04 Tw
[(o)11(u)1(r sa)11(mpl)10(e)0( \(T)101(abl)10(e)0( 3\). For)10( )-11(W)7(R)4(STNOW)128(,)15( )-11(85.5)12( )-11(pe)11(rce)11(n)1(t of)10( )-11(t)10(h)1(e)]TJ
0 -1.462 TD
0.095 Tw
[(s)10(a)0(mple)11( hav)11(e)0( a v)11(a)0(lu)12(e of)10( 1 whi)10(l)-1(e )11(8.0 pe)11(rce)11(n)1(t ha)11(ve a)11( val)10(ue )11(of)]TJ
T*
-0.026 Tc
0.117 Tw
[(400. V)59(a)0(lues fr)10(om)-6( 30 to 120 repres)10(ent just)10( )-11(6.5 perc)11(ent of the)]TJ
0 -1.473 TD
-0.027 Tc
0.041 Tw
[(t)9(o)-1(tal. )11(In c)10(o)-1(ntras)9(t)-2(, f)9(o)-1(r W)6(R)-8(STEVER)-8(, )11(18)-11(.4 )11(percent)9( of)9( the )11(sam)4(p)0(le)]TJ
0 -1.462 TD
-0.004 Tc
-0.015 Tw
[(ha)11(ve )11(a va)11(lue)11( of)10( 400 )11(w)-7(h)1(i)10(l)-1(e)11( ju)12(st )11(52.9 p)12(e)0(rc)11(ent )11(have)11( a v)11(a)0(lu)12(e o)-11(f)-23( )-11(1)-21(.)]TJ
0 -1.473 TD
-0.015 Tc
0.073 Tw
[(Thus)10(, alt)10(h)1(ough a)11(t)-1( any )11(point)10( in t)10(i)-1(me nea)11(rly)11( nine )11(of e)11(very )11(ten)]TJ
0 -1.462 TD
[(i)10(ndivi)10(duals)10( have a)11( perf)10(ect c)11(r)-1(edi)10(t)-1( rat)10(i)-1(ng \()10(W)-4(RSTN)-6(OW=1\))11(,)-7( )-11(a)-11(t)]TJ
T*
-0.004 Tc
-0.015 Tw
[(s)10(o)0(me ti)10(m)-6(e)11( in th)12(eir)10( cre)11(d)1(it)10( his)10(t)-1(or)10(y ro)11(ughly)11( half)10( the)11( popul)10(ati)10(o)0(n)]TJ
0 -1.473 TD
0.314 Tw
[(e)11(x)0(per)10(i)-1(e)11(n)1(ced s)10(o)0(me)11(thi)10(ng les)10(s)-1( th)12(an a perf)10(ec)11(t cre)11(d)1(it)10( )-11(r)10(a)0(t)10(i)-1(ng)]TJ
0 -1.462 TD
-0.005 Tc
0.052 Tw
[(\()9(W)-5(RSTEVER>1\))9(.)3( In f)9(act)9(, 8.0 per)9(cent)9( have)10( a WRSTNOW)]TJ
T*
-0.003 Tw
[(o)10(f)-2( 1 bu)11(t a W)6(R)3(STEVER)-8( )11(of 40)11(0.)]TJ
8.76 0 0 8.76 175.36 343.376 Tm
-0.007 Tc
(11)Tj
10.92 0 0 10.92 81.64 323.076 Tm
0.007 Tc
0.183 Tw
[(Th)12(e id)12(eal)10( da)11(ta s)10(e)0(t)10( fo)11(r de)11(te)11(rm)5(in)12(ing)12( the)11( ef)10(fe)11(ct o)11(f)]TJ
-3.297 -1.462 TD
0.029 Tc
0.172 Tw
[(cre)-11(d)2(it)-12( )11(h)-9(ist)-12(ory)-11( on th)-9(e p)-9(r)-1(ob)-9(ab)-9(ilit)-12(y th)-9(at a lo)-11(an)-9( wi)-12(ll be)]TJ
ET
1 1 1 sc
320.68 746.4 248.4 -667.68 re
f*
BT
10.92 0 0 10.92 320.56 739.115 Tm
0 0 0 sc
-0.004 Tc
0.117 Tw
[(r)-12(e)-11(fin)-10(a)-11(n)-10(ce)-11(d)-10( )11(w)-7(o)-11(u)-10(l)-1(d)-10( in)-10(c)-11(l)-1(u)-10(d)-10(e)0( a)-11( cr)-12(ed)-10(it)-12( sn)-10(a)-11(p)1(s)-12(h)-10(ot)-12( as)-12( )11(o)-11(f)-12( )11(t)-12(h)-10(e d)-10(a)0(t)-12(e)]TJ
T*
0.007 Tc
0.128 Tw
[(the)11( ho)11(me wa)11(s )11(or)10(igi)10(n)1(al)10(l)10(y)0( p)12(u)1(rc)11(has)10(e)0(d )11(an)12(d pe)11(ri)10(od)12(ic )11(upd)12(ate)11(s)-1(,)]TJ
T*
0.007 Tw
[(per)10(h)1(ap)12(s onc)11(e)0( per)10( )-11(qu)12(ar)10(ter)65(,)4( as)10( )-11(t)10(h)1(e lo)11(an ag)12(es.)15( )-11(W)62(i)-1(t)10(h)1( )-11(t)10(h)1(i)10(s)-1( in)12(for)10(-)]TJ
0 -1.473 TD
[(m)-6(a)11(ti)10(on, t)10(h)1(e re)11(se)11(ar)10(che)11(r)-1( cou)12(ld de)11(te)11(rmin)12(e whet)10(her)10( )-11(t)10(h)1(e)11( )-11(ho)11(me-)]TJ
0 -1.462 TD
0.095 Tw
[(owner)10(\222)64(s c)11(r)-1(ed)12(it)10( hi)10(st)10(ory)11( had)12( det)10(e)0(r)10(i)-1(or)10(at)10(ed s)10(i)10(n)1(ce)11( the)11( pur)10(cha)11(s)-1(e)]TJ
T*
-0.003 Tc
0.171 Tw
[(o)-10(f)-11( )11(t)-11(h)-9(e h)-9(o)-10(me)-10(.)-6( )11(U)-17(n)2(f)-11(o)1(r)-11(t)0(u)-9(n)-9(a)-10(te)-10(ly)89(,)-6( d)-9(a)-10(ta)-10( se)-10(ts)-11( th)-9(a)-10(t)0( l)-11(i)0(n)-9(k)-9( pr)-11(op)-9(e)-10(r)0(t)-11(y)]TJ
0 -1.473 TD
0.127 Tw
[(t)-11(r)0(a)-10(n)-9(sa)-10(c)-10(tio)-10(n)-9( da)-10(ta)-10( w)-6(i)0(t)-11(h)-9( )11(c)-10(r)0(e)-10(d)-9(it)-11( )11(h)-9(i)-11(st)-11(or)-11(ie)-10(s a)-10(r)0(e)-10( a re)-10(la)-10(t)-11(i)0(v)-10(e)1(l)-11(y)1( n)-9(e)1(w)]TJ
0 -1.462 TD
0.018 Tc
0.051 Tw
[(phe)11(nome)11(non)12(,)4( so)11( th)12(es)10(e pe)11(ri)10(od)12(ic)11( upda)11(t)10(e)0(s)10( )-11(o)11(f)-1( t)10(h)2(e)11( )-11(c)11(r)10(edi)10(t)10( )-11(h)12(i)-1(s)10(-)]TJ
T*
-0.015 Tw
[(to)11(ry)11( a)11(r)-1(e)11( no)11(t )11(ye)11(t )11(av)11(ai)10(l)10(a)0(bl)10(e.)15( As)10( a)11( s)10(e)0(c)11(o)0(nd)12(-b)12(es)10(t )11(al)10(te)11(rn)12(at)10(iv)11(e,)15( we)]TJ
0 -1.473 TD
0.008 Tc
0.291 Tw
[(u)-9(s)-11(e on)-9(e)-10( )11(c)-10(r)0(e)-10(d)-9(it s)-11(n)2(a)-10(p)2(s)-11(h)-8(ot)-11(\227a)-10(s of)-11( )11(t)-11(h)-9(e se)-10(co)-10(n)-8(d)2( q)-8(u)-9(art)-11(e)1(r)-11( of)]TJ
0 -1.462 TD
0.027 Tc
0.053 Tw
[(199)10(5\227th)10(at)8( i)8(n)0(c)9(l)8(ude)9(s)8( bo)9(th)10( a c)9(u)0(r)8(r)8(e)-2(n)10(t)-3( )11(\(WRST)12(N)3(OW)-6(\))8( a)9(n)0(d)]TJ
T*
-0.004 Tc
0.303 Tw
[(a)-33( )-33(b)-21(a)-22(c)-11(k)-20(w)37(a)33(r)32(d)35(-)-12(l)-1(o)-11(o)0(k)-10(i)-12(ng)-10( \(W)-15(R)-7(S)-11(T)-8(E)3(V)-18(E)3(R)-18(\))-1( cr)-12(ed)-10(i)-12(t)-1( m)-6(e)-11(as)-12(ur)-12(e)-11(.)4( W)62(e)]TJ
0 -1.473 TD
0.006 Tc
0.129 Tw
[(inc)10(l)-2(u)11(d)0(ed )11(the)10(s)-2(e)10( meas)9(ur)9(es )11(of)9( cr)9(edi)9(t)-2(wo)10(rt)9(hin)11(e)-1(s)9(s)-2( i)9(n)0( n)11(u)0(mero)10(us)]TJ
0 -1.462 TD
-0.004 Tc
0.018 Tw
[(s)-12(p)-10(ecif)10(i)-1(c)11(a)0(ti)10(ons)10( of o)11(u)1(r lo)11(git)10( mo)11(del)10( )-11(a)11(nd, re)11(gar)10(d)1(les)10(s)-1( o)11(f)-1( spe)11(c)0(i)10(fic)11(a-)]TJ
T*
0.128 Tw
[(tio)11(n, fo)11(und th)12(at t)10(h)1(ey wer)10(e)0( bot)10(h)1( st)10(at)10(ist)10(ic)11(all)10(y)0( an)12(d eco)11(nomi-)]TJ
0 -1.473 TD
0.347 Tw
[(cal)10(ly si)10(gni)10(fi)10(cant)10( )-11(i)10(n)1( )-11(d)12(e)0(te)11(rm)5(ini)10(ng ref)10(i)-1(na)11(nci)10(ng prob)12(abil)10(it)10(y)88(.)]TJ
0 -1.462 TD
-0.005 Tc
0.107 Tw
[(M)-7(o)-1(r)9(eov)10(er)64(, by c)10(o)-1(mpar)9(ing )11(WRSTNOW wit)9(h)0( W)6(R)3(STEVER)-8(,)]TJ
T*
-0.004 Tc
-0.015 Tw
[(w)-7(e)11( wer)10(e)0( )11(able)11( t)10(o)0( i)10(d)1(ent)10(i)-1(f)10(y)0( c)11(a)0(se)11(s )11(where)11( a )11(m)5(o)0(rt)10(gago)11(r\222)64(s )11(cre)11(d)1(it)10( hi)10(s-)]TJ
0 -1.473 TD
-0.005 Tc
0.03 Tw
[(tor)9(y)-1( had)11( impro)10(ved o)10(ver)9( time, )11(and f)9(o)-1(und s)9(o)-1(me ev)10(iden)11(ce t)9(h)0(at)]TJ
0 -1.462 TD
0.206 Tw
[(impro)10(vement)9( redu)11(ced, but)9( did)11( )-11(n)11(o)-1(t co)10(m)-7(p)11(let)9(e)-1(l)9(y)-1( over)9(come,)]TJ
0 -1.473 TD
-0.003 Tw
[(the n)11(e)-1(gat)9(i)-2(v)10(e)-1( impac)10(t)-2( of)9( a W)6(R)-8(S)10(TEVER)-8( v)10(a)-1(lu)11(e of)9( 400.)]TJ
8.76 0 0 8.76 533.68 423.416 Tm
-0.007 Tc
(12)Tj
12.48 0 0 12.48 320.56 386.081 Tm
(P)Tj
9.96 0 0 9.96 327.52 386.045 Tm
0.002 Tc
(OST)Tj
12.48 0 0 12.48 345.28 386.081 Tm
0.004 Tc
(-O)Tj
9.96 0 0 9.96 358.48 386.045 Tm
0.003 Tc
[(R)-5(I)-1(GI)11(NA)-5(TION)]TJ
12.48 0 0 12.48 417.88 386.081 Tm
0.01 Tc
0 Tw
( H)Tj
9.96 0 0 9.96 430.84 386.045 Tm
-0.001 Tc
(OME)Tj
12.48 0 0 12.48 451.84 386.081 Tm
0 Tc
( E)Tj
9.96 0 0 9.96 461.92 386.045 Tm
0.013 Tc
[(QU)12(I)21(T)10(Y)]TJ
10.92 0 0 10.92 320.56 371.076 Tm
0.007 Tc
0.194 Tw
[(In a)11(ddi)10(ti)10(on )11(to)11( a po)11(or)10( cr)10(edi)10(t)-1( )11(his)10(t)-1(o)11(r)-1(y)99(,)4( a)11(n)1(ot)10(her)10( f)10(act)10(or)10( th)12(at)]TJ
0 -1.462 TD
0.007 Tw
[(cou)12(ld pr)10(eve)11(nt)10( )-11(a)11( )-11(ho)11(meowne)11(r f)10(r)-1(om re)11(fi)10(nan)12(c)0(i)10(ng, re)11(gar)10(d)1(l)10(e)0(ss)10( of)]TJ
T*
0.095 Tw
[(how f)10(a)0(r)10( in)12(te)11(res)10(t)10( ra)11(te)11(s ha)11(ve)11( fa)11(ll)10(en,)15( is)10( a )11(dec)11(l)-1(i)10(n)1(e i)10(n)1( p)12(r)-1(o)11(p)1(er)10(ty)]TJ
0 -1.473 TD
0.259 Tw
[(val)10(ue t)10(h)1(at)10( )-11(s)10(i)-1(g)12(n)1(if)10(ic)11(ant)10(l)10(y)0( ero)11(d)1(es)10( tha)11(t)-1( owne)11(r\222)64(s eq)12(uit)10(y)99(. )-11(F)12(o)0(r)]TJ
0 -1.462 TD
0.006 Tc
0.217 Tw
[(exa)10(m)-7(p)11(le)10(, )-11(i)9(f)-2( a homeo)10(w)3(ner)9( )-11(o)10(r)-2(i)9(g)0(in)11(al)9(ly made)10( )-11(a)10( )-11(20 per)9(c)-1(e)10(n)0(t)]TJ
T*
0.05 Tc
-0.003 Tw
[(down payment)9( \(or)9(i)-2(gi)9(nati)9(on L)77(T)2(V rat)9(i)-2(o=8)12(0)1( perc)10(ent\))9(, a)]TJ
0 -1.473 TD
-0.004 Tc
0.062 Tw
[(1)-10(5)-10( p)-10(e)-11(rc)-11(en)-10(t)-12( d)-10(e)0(c)-11(l)-1(i)-12(n)-10(e i)-12(n)-10( p)-10(r)-1(o)-11(p)-10(er)-12(ty)-11( v)-11(a)0(l)-12(u)-10(e )-11(fo)-11(ll)-12(ow)-7(i)-12(n)1(g)-10( )-11(th)-10(e )-11(da)-11(t)-12(e)0( o)-11(f)]TJ
0 -1.462 TD
-0.015 Tc
0.029 Tw
[(purcha)11(s)-1(e woul)10(d pus)10(h t)10(h)1(e pos)10(t-o)11(rigi)10(n)1(ati)10(o)0(n L)78(T)3(V r)10(a)0(ti)10(o t)10(o)0( nea)11(rly)]TJ
T*
-0.026 Tc
0.216 Tw
[(9)-10(5)-9( )-11(per)10(cent, typical)10(ly the m)-6(axi)10(m)-6(u)1(m )-11(a)11(llowable with conven-)]TJ
0 -1.473 TD
0.084 Tw
[(tional)10( financi)10(ng.)-7( Loa)11(n)1( )-11(under)10(w)-7(r)10(iter)10(s)-1( w)-7(o)11(uld likel)10(y be concerne)11(d)]TJ
0 -1.462 TD
0.062 Tw
[(that t)10(h)1(e rec)11(e)0(nt downward tr)10(end in pr)10(operty )11(values)10( w)-7(o)11(uld con-)]TJ
T*
-0.004 Tw
[(tinue and ther)10(efore)11( )-11(would be r)10(e)0(luctant)10( to approve s)10(u)1(ch a loan.)]TJ
3.297 -1.473 TD
0.007 Tc
0.183 Tw
[(In a)11(ddi)10(ti)10(on,)15( an L)78(T)14(V)-7( )11(rat)10(i)10(o)0( ex)11(ce)11(edi)10(ng 8)12(0)1( per)10(c)0(e)11(n)1(t)]TJ
-3.297 -1.462 TD
0.051 Tw
[(woul)10(d ty)11(pic)11(a)0(l)10(l)-1(y)11( re)11(qui)10(re )11(som)5(e)11( for)10(m)5( of)10( mo)11(rt)10(gag)12(e)0( i)10(n)1(sur)10(a)0(n)12(ce,)]TJ
T*
-0.004 Tc
0.292 Tw
[(w)-7(h)-10(i)-12(c)0(h)-10( w)-7(o)-11(ul)-12(d)-10( )11(i)-12(n)1(c)-11(r)-12(ea)-11(se)-11( tr)-12(an)-10(sa)-11(c)-11(t)-1(i)-12(o)0(n)-10( co)-11(s)-12(ts a)-11(n)-10(d r)-12(e)0(d)-10(u)-10(c)0(e)-11( th)-10(e)]TJ
0 -1.473 TD
-0.003 Tc
0.072 Tw
[(e)-10(f)0(f)-11(e)-10(ct)-11(iv)-10(e )-11(in)-9(te)-10(re)-10(st)-11( r)-11(a)1(t)-11(e)1( s)-11(p)-9(re)-10(ad)-9( b)-9(y)-10( a)-10(s)0( mu)-9(c)-10(h)-9( as)-11( 2)-9(5)-9( to)-10( 5)-9(0)-9( ba)-10(s)-11(i)0(s)]TJ
0 -1.462 TD
0.083 Tw
[(p)-9(o)-10(in)-9(t)-11(s)0(.)-6( I)-11(f)0( )-11(th)-9(e)-10( o)-10(r)0(i)-11(g)2(i)-11(n)-9(al)-11( L)68(T)-7(V)-6( )-11(ra)-10(ti)-11(o )-11(w)-6(a)-10(s g)-9(r)-11(ea)-10(te)-10(r)-11( t)-11(h)2(a)-10(n)-9( 8)-9(0)-9( p)-9(e)-10(r-)]TJ
T*
0.007 Tc
0.194 Tw
[(cen)12(t, co)11(rr)10(es)10(pond)12(ing)12(l)-1(y)11( )-11(s)10(m)5(al)10(le)11(r de)11(cl)10(ine)11(s)-1( i)10(n)1( pro)11(p)1(er)10(ty)11( val)10(ue)]TJ
0 -1.473 TD
0.095 Tw
[(woul)10(d )-11(h)12(ave)11( )-11(s)10(i)-1(mi)10(la)11(r ef)10(fe)11(cts)10(.)4( In co)11(ntr)10(a)0(s)10(t)-1(, i)10(n)1(cr)10(eas)10(es)10( )-11(i)10(n)1( pro)11(p)1(-)]TJ
ET
1 1 1 sc
45.04 271.44 248.4 -215.4 re
f*
45.04 120.12 248.4 -9.24 re
f*
q
45.04 120.12 248.4 -9.24 re
W n
0 1 1 sc
43.72 117.36 532.32 -0.48 re
f*
Q
q
45.04 120.12 248.4 -9.24 re
W n
45.04 120.12 531 -9.24 re
f*
0 0 0 sc
43.72 117.36 532.32 -0.48 re
f*
Q
BT
7.92 0 0 7.92 45.04 105.524 Tm
0 0 0 sc
0.001 Tc
0.007 Tw
[(So)-10(urce:)-7( )16( A)-14(utho)-10(rs\222 calcul)-9(a)-4(ti)-9(ons)-14(.)]TJ
0 -1.758 TD
0.002 Tc
0.006 Tw
[(N)-8(o)7(te:)-6( )16(Fi)-8(gu)-13(res in tab)-13(l)7(e represen)-13(t)2( )16(t)-13(h)2(e percentag)-13(e)12( o)-9(f)7( the sam)-8(p)2(l)-8(e)-3( )16(t)-13(h)2(at has the)]TJ
0 -1.273 TD
0.001 Tc
0.007 Tw
[(in)-14(dicated)-14( )16(co)-10(m)-9(b)1(in)-14(atio)-10(n o)-10(f)6( wo)-10(rst no)-10(w and)-14( )16(w)-14(o)6(rs)-14(t )16(ev)-10(er m)-9(e)11(as)-14(ures.)]TJ
/F5 1 Tf
0.5 21.116 TD
-0.081 Tc
0.089 Tw
[(Ta)-76(b)-86(l)-91(e)-76( 3)]TJ
/F3 1 Tf
9.96 0 0 9.96 49 239.525 Tm
(C)Tj
7.92 0 0 7.92 55.12 239.564 Tm
0.003 Tc
[(ROS)-8(S)]TJ
9.96 0 0 9.96 73.36 239.525 Tm
-0.009 Tc
0 Tw
( T)Tj
7.92 0 0 7.92 81.04 239.564 Tm
0.015 Tc
[(A)15(B)5(U)10(L)15(AT)20(IO)10(N)]TJ
9.96 0 0 9.96 125.92 239.525 Tm
( )Tj
7.92 0 0 7.92 128.32 239.564 Tm
0.005 Tc
(OF)Tj
9.96 0 0 9.96 138.16 239.525 Tm
0.003 Tc
( W)Tj
7.92 0 0 7.92 149.92 239.564 Tm
[(ORS)-8(T)]TJ
9.96 0 0 9.96 169.48 239.525 Tm
-0.009 Tc
( N)Tj
7.92 0 0 7.92 179.68 239.564 Tm
0.005 Tc
(OW)Tj
9.96 0 0 9.96 193.48 239.525 Tm
( )Tj
7.92 0 0 7.92 196 239.564 Tm
0 Tc
[(AN)-10(D)]TJ
9.96 0 0 9.96 213.28 239.525 Tm
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/CS2 cs 0 sc
0 Tc
0 Tw
(Source: Authors\222 calculations.)Tj
/F8 1 Tf
10 0 0 10.075 44.428 309.676 Tm
(Effect of Change in House Price on Probability )Tj
0 -1.2 TD
(of Refinancing)Tj
/F9 1 Tf
8 0 0 8.06 45.924 326.379 Tm
(Chart 6)Tj
ET
0.1 0 0 1 K
0 J 0 j 0.502 w 4 M []0 d
q
0.9963 0 0 1.0037 0 0 cm
67.336 126.387 m
295.564 126.387 l
73.358 126.387 m
73.358 130.007 l
84.77 126.387 m
84.77 130.007 l
96.182 126.387 m
96.182 130.007 l
107.591 126.387 m
107.591 130.007 l
119.003 126.387 m
119.003 130.007 l
130.415 126.387 m
130.415 130.007 l
141.827 126.387 m
141.827 130.007 l
153.239 126.387 m
153.239 130.007 l
164.648 126.387 m
164.648 130.007 l
S
Q
[2.007 2.007 ]0 d
q
0.9963 0 0 1.0037 0 0 cm
176.06 126.387 m
176.06 271.332 l
S
Q
[]0 d
q
0.9963 0 0 1.0037 0 0 cm
187.472 126.387 m
187.472 130.007 l
198.884 126.387 m
198.884 130.007 l
210.296 126.387 m
210.296 130.007 l
221.705 126.387 m
221.705 130.007 l
233.117 126.387 m
233.117 130.007 l
244.529 126.387 m
244.529 130.007 l
255.941 126.387 m
255.941 130.007 l
267.353 126.387 m
267.353 130.007 l
278.762 126.387 m
278.762 130.007 l
290.174 126.387 m
290.174 130.007 l
S
Q
BT
/F10 1 Tf
7.5 0 0 7.556 54.159 126.785 Tm
(0.0)Tj
0 2.939 TD
(0.1)Tj
0 3.206 TD
(0.2)Tj
T*
(0.3)Tj
T*
(0.4)Tj
T*
(0.5)Tj
0 2.893 TD
(0.6)Tj
ET
q
0.9963 0 0 1.0037 0 0 cm
67.336 150.522 m
295.564 150.522 l
67.336 174.654 m
295.564 174.654 l
67.336 198.789 m
295.564 198.789 l
67.336 222.924 m
295.564 222.924 l
67.336 247.057 m
295.564 247.057 l
67.336 271.191 m
295.564 271.191 l
S
Q
1.606 w
q
0.9963 0 0 1.0037 0 0 cm
84.453 127.9 m
73.042 126.701 l
95.864 129.817 m
84.453 127.9 l
107.276 133.908 m
95.864 129.817 l
118.687 141.239 m
107.276 133.908 l
130.099 151.394 m
118.687 141.239 l
141.51 163.076 m
130.099 151.394 l
152.921 175.053 m
141.51 163.076 l
164.333 186.522 m
152.921 175.053 l
175.744 197.076 m
164.333 186.522 l
187.155 206.574 m
175.744 197.076 l
198.567 215.023 m
187.155 206.574 l
209.978 222.497 m
198.567 215.023 l
221.39 229.099 m
209.978 222.497 l
232.801 234.935 m
221.39 229.099 l
244.212 240.107 m
232.801 234.935 l
255.624 244.704 m
244.212 240.107 l
267.035 248.805 m
255.624 244.704 l
278.446 252.477 m
267.035 248.805 l
289.858 255.779 m
278.446 252.477 l
S
Q
BT
/F8 1 Tf
7.5 0 0 7.556 53.334 277.654 Tm
(Probability of refinancing)Tj
/F10 1 Tf
3.655 -21.132 TD
[(20)-2019(40)-2044(60)-2019(80)-1794(100)]TJ
14.903 0.005 TD
[(120)-1538(140)-1538(160)-1594(180)-1453(200)]TJ
/F8 1 Tf
-9.913 -1.198 TD
(Current house price as a percentage )Tj
2.459 -1.067 TD
(of original purchase price)Tj
ET
/CS2 CS 0 SC
0.502 w [2.007 2.007 ]0 d
q
0.9963 0 0 1.0037 0 0 cm
175.876 262.459 m
S
Q
BT
/F10 1 Tf
7.5 0 0 7.556 88.191 257.589 Tm
0.1 0 0 1 k
(Original purchase price)Tj
ET
166.156 257.277 m
166.574 257.477 168.268 258.156 169.722 258.598 c
171.278 259.072 172.689 259.396 173.604 259.512 c
172.689 259.627 171.278 259.951 169.722 260.424 c
168.268 260.867 167.323 261.274 166.156 261.746 c
166.156 260.044 l
158.366 260.044 l
158.366 258.979 l
166.156 258.979 l
166.156 257.277 l
f
/CS1 cs 1 1 1 sc
/GS1 gs
45.64 746.4 248.4 -386.4 re
f*
BT
/F3 1 Tf
10.92 0 0 10.92 45.64 739.115 Tm
0 0 0 sc
0.018 Tc
0.281 Tw
[(SP)-8(R)-7(E)-8(AD)-7( for)-12( )11(g)-9(o)0(o)-11(d)1( cre)-11(d)1(i)-12(ts is ap)-9(pr)-12(ox)-11(im)-6(at)-12(ely)-11( )11(t)-12(w)4(i)-12(c)0(e)-11( )11(as)]TJ
0 -1.462 TD
0.095 Tw
[(lar)10(g)-9(e )-11(as )-11(it)-12( is)-12( f)-12(o)0(r )-11(ba)-11(d)-9( cr)-12(ed)-9(its)-12(,)-7( w)-7(i)-1(t)-12(h)1( )-11(a )-11(co)-11(rre)-11(sp)-9(on)-9(di)-12(ng)-9( s)-12(i)-1(z-)]TJ
T*
0.183 Tw
[(ab)-9(le d)-9(r)-1(op)-9( in)-9( )11(st)-12(at)-12(isti)-12(ca)-11(l sig)-9(ni)-12(fic)-11(an)-9(ce)-11( )11(in)-9( th)-9(e lat)-12(t)-1(er)-12( )11(c)-11(a)0(s)-12(e)0(.)]TJ
0 -1.473 TD
0.019 Tc
0.006 Tw
[(Simi)-11(la)-10(rly)89(,)-6( w)-6(e)1( fin)-8(d)-8( )11(t)-11(h)2(a)-10(t)0( th)-8(e c)-10(oef)-11(fic)-10(ie)-10(nts)-11( on)-8( )11(H)-16(S)1(D)-6( are)-10( po)-10(si-)]TJ
0 -1.462 TD
0.018 Tc
0.216 Tw
[(tiv)-11(e an)-9(d hi)-12(gh)-9(ly)-11( )11(si)-12(gn)-9(ifi)-12(ca)-11(nt,)-7( alt)-12(h)1(o)-11(u)1(g)-9(h)-9( )11(sl)-12(igh)-9(t)-1(l)-12(y)0( smal)-12(ler)]TJ
T*
0.019 Tc
-0.005 Tw
[(an)-8(d so)-10(mew)-6(h)-8(at le)-10(ss sig)-8(n)-8(ific)-10(an)-8(t fo)-10(r )11(t)-11(h)2(e)-10( )11(W)-14(R)-6(ST)-7(NO)-6(W=)-7(4)-8(0)2(0)]TJ
0 -1.473 TD
0.018 Tc
0.205 Tw
[(su)-9(bs)-12(am)-6(p)-9(l)-1(e.)-7( W)-15(h)1(i)-12(l)-1(e h)-9(i)-1(g)-9(h)1( )-11(va)-11(lue)-11(s)-1( o)-11(f)-1( H)-6(S)-11(D)-7( in)-9(di)-12(ca)-11(te m)-6(o)-11(re)]TJ
0 -1.462 TD
-0.003 Tc
0.039 Tw
[(op)-9(p)-9(o)-10(rtu)-9(n)-9(i)-11(tie)-10(s)-11( fo)-10(r a)-10( mo)-10(r)-11(t)0(g)-9(a)1(g)-9(o)-10(r\222)43(s o)-10(p)-9(ti)-11(on)-9( t)-11(o)1( b)-9(e)-10( in)-9( t)-11(h)-9(e m)-16(o)1(n)-9(e)-10(y)89(,)]TJ
T*
0.007 Tc
0.007 Tw
[(s)10(u)1(ch)12( va)11(lu)12(es)10( ha)11(ve )11(le)11(ss)10( i)10(m)5(pac)11(t)-1( )11(on )11(the)11( r)10(e)0(f)10(i)-1(na)11(nci)10(ng )11(pr)10(oba)11(b)1(il)10(it)10(y)]TJ
0 -1.473 TD
-0.004 Tc
0.062 Tw
[(of)-12( c)-11(r)-1(e)-11(d)-10(it)-12(-c)-11(on)-10(s)-12(t)-1(r)-12(a)0(i)-12(n)1(e)-11(d)-10( b)-10(o)-11(rr)-12(ow)-7(e)-11(r)-1(s)-12(.)-7( A)-7(s)-12( e)-11(x)0(p)-10(e)-11(ct)-12(ed)-10(,)-7( w)-18(e)0( )-11(fin)-10(d)-10( t)-12(h)-10(at)]TJ
0 -1.462 TD
0.007 Tc
0.018 Tw
[(t)10(h)1(e )11(coe)11(ff)10(ic)11(ie)11(nts)10( o)11(f)-1( t)10(h)1(e )11(var)10(ia)11(bl)10(e S)11(P)3(READ)-7( )11(ar)10(e un)12(if)10(or)10(m)-6(l)10(y s)10(i)10(g)1(-)]TJ
T*
-0.004 Tc
0.007 Tw
[(ni)-12(fi)-12(ca)-11(n)-10(t)-1( a)-11(n)-10(d p)-10(o)-11(si)-12(ti)-12(ve)-11( ac)-11(ro)-11(s)-12(s)-1( th)-10(e)-11( su)-10(b)-10(s)-1(a)-11(m)-6(p)-10(l)-1(e)-11(s)-1(.)]TJ
3.297 -1.473 TD
-0.015 Tc
0.281 Tw
[(Chan)12(ges i)10(n)1( hom)-6(e)11( equit)10(y)0( als)10(o)0( have)11( )-11(a)11(n)1( import)10(ant)]TJ
-3.297 -1.462 TD
0.139 Tw
[(i)10(n)1(fl)10(uence o)11(n)1( the )11(probab)12(ili)10(ty o)11(f)-1( re)11(fina)11(n)1(cing, )11(as ev)11(idenc)11(e)0(d by)]TJ
T*
[(t)10(h)1(e negat)10(i)-1(ve)11( sign a)11(nd high le)11(vel o)11(f)-1( si)10(gnifi)10(canc)11(e)0( of t)10(h)1(e L)78(T)-8(V)]TJ
0 -1.473 TD
-0.014 Tc
-0.027 Tw
[(r)11(a)1(ti)11(o. )-11(W)74(e)1( demo)12(nstr)11(ate the esti)11(ma)12(ted effe)12(ct of )-11(c)12(h)2(anges in )-11(ho)12(use)]TJ
0 -1.462 TD
-0.015 Tc
0.095 Tw
[(pr)10(ice)11( )-11(by plot)10(ting si)10(mul)10(a)0(ted val)10(ues of the probab)12(ili)10(ty of ref)10(i)-1(-)]TJ
T*
0.018 Tw
[(na)11(ncing f)10(o)0(r di)10(ffe)11(rent)10( leve)11(ls of)10( the po)11(st-)10(ori)10(g)1(inat)10(ion hou)12(s)-1(e pri)10(c)0(e)]TJ
0 -1.473 TD
0.051 Tw
[(a)11(s)-1( a per)10(centa)11(ge of t)10(h)1(e ori)10(g)1(ina)11(l)-1( purc)11(h)1(ase pr)10(ice \()10(C)3(hart)10( 6\). Note)]TJ
0 -1.462 TD
[(t)10(h)1(at in T)90(a)0(bl)10(e )-11(4, the coef)10(fic)11(ient)10( )-11(on the L)67(T)3(V rati)10(o )-11(i)10(s)-1( somewhat)]TJ
0 -1.473 TD
-0.015 Tw
[(l)10(a)0(r)21(g)1(er)10( )-11(f)10(o)0(r the bad cr)10(edit)10( )-11(gr)10(oup, sugges)10(ting tha)11(t)-1( to some ext)10(ent)]TJ
0 -1.462 TD
-0.004 Tw
[(t)10(h)1(ere)11( )-11(i)10(s)-1( a t)10(r)-1(ade-)10(off)10( betwee)11(n equit)10(y)0( and cr)10(edit r)10(a)0(ti)10(ng.)]TJ
3.297 -1.462 TD
0.007 Tc
0.051 Tw
[(L)12(e)0(ndi)10(ng e)11(n)1(vi)10(ro)11(nment)10( is)10( al)10(so)11( si)10(gni)10(fi)10(ca)11(nt a)11(nd be)11(ar)10(s)]TJ
-3.297 -1.473 TD
-0.004 Tc
0.479 Tw
[(th)-10(e)-11( )11(p)-10(r)-12(ed)-10(ic)-11(te)-11(d)-10( si)-12(gn)-10(,)-7( su)-10(g)-10(g)1(e)-11(s)-12(ti)-12(ng)-10( th)-10(a)-11(t)-1( in)-10(c)-11(r)-1(e)-11(a)0(s)-12(e)-11(d le)-11(n)-10(d)-10(e)0(r)]TJ
ET
1 1 1 sc
320.68 746.4 248.4 -667.68 re
f*
BT
10.92 0 0 10.92 320.56 739.115 Tm
0 0 0 sc
0.007 Tc
0.095 Tw
[(aggr)10(es)10(si)10(ve)11(nes)10(s)-1( an)12(d con)12(sumer)10( fi)10(nan)12(c)0(i)10(a)0(l s)10(avv)11(y hav)11(e)0( bo)11(ost)10(e)0(d)]TJ
0 -1.462 TD
-0.004 Tc
0.084 Tw
[(t)-12(h)-10(e )-11(pr)-12(ob)-10(a)-11(b)-10(il)-12(ity)-11( t)-12(h)-10(at)-12( a)-11( lo)-11(an)-10( w)-18(ill)-12( b)-10(e)-11( re)-11(fi)-12(n)-10(a)0(n)-10(c)-11(ed)-10(.)-7( A)-7(g)-10(a)-11(i)-1(n)-10( n)-10(o)0(t)-12(e)]TJ
T*
0.018 Tw
[(t)-12(h)-10(at)-12( th)-10(e)-11( co)-11(ef)-12(fi)-12(ci)-12(en)-10(t)-12( of)-12( LE)-8( i)-12(s)-1( s)-12(o)0(m)-6(e)-11(w)-7(h)-10(a)-11(t)-1( g)-10(r)-1(e)-11(a)0(t)-12(e)-11(r fo)-11(r)-12( )11(b)-10(a)-11(d)-10( cr)-12(ed)-10(-)]TJ
0 -1.473 TD
0.007 Tc
-0.004 Tw
[(it)10(s tha)11(n)1( for)10( )-11(g)12(ood)12( )-11(cr)10(ed)12(it)10(s, su)12(gges)10(t)-1(i)10(ng th)12(at an)12( )-11(i)10(m)-6(p)12(o)0(r)10(t)-1(an)12(t el)10(e-)]TJ
0 -1.462 TD
0.369 Tw
[(m)-6(e)11(nt )11(of)10( i)10(n)1(cr)10(eas)10(ed)12( le)11(nde)11(r a)11(ggr)10(es)10(si)10(ven)12(es)10(s h)12(a)0(s)10( bee)11(n)1( t)10(h)1(e)]TJ
T*
0.062 Tw
[(inc)11(r)-1(e)11(a)0(s)10(e)0( )-11(i)10(n)1( sub)12(p)1(ri)10(m)5(e)0( )-11(c)11(r)-1(e)11(d)1(it)10( )-11(q)12(u)1(al)10(it)10(y le)11(ndi)10(ng, or le)11(ndi)10(ng to)]TJ
0 -1.473 TD
0.018 Tw
[(bor)10(r)-1(o)11(w)-7(e)11(r)-1(s)10( wi)10(th c)11(r)-1(e)11(d)1(it)10( hi)10(st)10(or)10(ie)11(s wo)11(rs)10(e t)10(h)1(an)12( tha)11(t)-1( )11(req)12(u)1(ir)10(ed)12( in)]TJ
0 -1.462 TD
0.006 Tc
0.008 Tw
[(the)10( )-11(A-)9(pape)10(r mark)11(et)9(. )-11(Fi)9(nal)9(l)9(y)87(, AGE )-11(a)10(nd A)-8(G)3(ES)10(Q )-11(a)10(r)-2(e si)9(gni)9(fi)9(-)]TJ
T*
0.007 Tc
0.029 Tw
[(can)12(t wi)10(th)12( neg)12(a)0(t)10(i)-1(ve)11( s)10(i)-1(gn)12(s, i)10(ndi)10(ca)11(ti)10(ng t)10(h)1(a)11(t)-1( c)11(r)-1(e)11(d)1(it)10( a)11(nd e)11(qui)10(ty)]TJ
0 -1.473 TD
[(do no)11(t e)11(x)0(pl)10(ai)10(n al)10(l)10( of)10( the)11( dec)11(l)-1(i)10(n)1(e )11(in p)12(r)-1(ob)12(abi)10(l)-1(i)10(t)-1(y)11( of)10( re)11(fi)10(nan)12(c)0(-)]TJ
0 -1.462 TD
0.006 Tc
-0.003 Tw
[(ing)11( as)9( a mor)9(t)-2(g)11(a)-1(ge)10( age)10(s)-2(.)]TJ
3.297 -1.462 TD
0.007 Tc
0.183 Tw
[(Thes)10(e r)10(e)0(s)10(u)1(lt)10(s )11(empha)11(si)10(ze )11(the)11( dep)12(e)0(nde)11(nce)11( of)10( es)10(ti)10(-)]TJ
-3.297 -1.473 TD
0.008 Tc
-0.016 Tw
[(ma)12(te)12(s o)12(f)0( i)11(n)2(t)11(e)1(r)11(e)1(s)11(t)0( r)11(a)1(t)11(e)1( s)11(e)1(ns)11(it)11(iv)12(it)11(ie)12(s )11(on c)12(r)0(e)12(d)2(it)11( f)11(act)11(or)11(s. )11(Pool)11(s )11(of)]TJ
0 -1.462 TD
0.007 Tc
0.172 Tw
[(mo)11(rt)10(gag)12(e)0(s wi)10(th)12( rel)10(a)0(t)10(i)-1(v)11(e)0(l)10(y)0( hi)10(gh pr)10(opo)11(r)-1(t)10(i)-1(o)11(n)1(s o)11(f)-1( bo)11(rr)10(ower)10(s)]TJ
T*
-0.003 Tc
0.324 Tw
[(w)-6(i)-11(th)-9( p)-9(o)1(o)-10(r)0( c)-10(r)0(e)-10(d)-9(it)-11( )11(h)-9(i)-11(st)-11(or)-11(ie)-10(s w)-6(i)0(l)-11(l)0( e)-10(x)1(p)-9(e)-10(ri)-11(en)-9(c)-10(e)1( s)-11(i)0(g)-9(n)-9(ifi)-11(c)-10(a)1(n)-9(t)0(l)-11(y)]TJ
0 -1.473 TD
0.007 Tc
-0.015 Tw
[(sl)10(ower)10( pr)10(ep)12(aymen)12(t )11(spe)11(e)0(ds)10(, a)11(l)-1(l)10( el)10(s)10(e)0( b)12(e)0(in)12(g e)11(qual)10(.)4( I)10(n)1(v)11(e)0(st)10(or)10(s )11(in)]TJ
0 -1.462 TD
0.073 Tw
[(m)-6(o)11(rt)10(gag)12(e)0(-b)12(ack)12(ed s)10(e)0(c)11(u)1(ri)10(t)10(i)-1(es)10( a)11(r)-1(e )11(af)10(fe)11(cte)11(d)1( by)11( th)12(e c)11(r)-1(e)11(d)1(it)10( co)11(n-)]TJ
T*
0.205 Tw
[(dit)10(i)-1(o)11(n)1(s )11(of)10( t)10(h)1(e)11( ho)11(use)11(h)1(ol)10(ds)10( r)10(e)0(pr)10(es)10(ent)10(e)0(d)12( i)10(n)1( t)10(h)1(e )11(und)12(er)10(ly)11(ing)]TJ
0 -1.473 TD
-0.003 Tc
0.226 Tw
[(p)-9(o)-10(o)-10(ls o)-10(f)0( mo)-10(rt)-11(ga)-10(g)-9(e)1(s)-11( ev)-10(en)-9( th)-9(o)-10(u)-9(gh)-9( th)-9(e)-10(y)1( ma)-10(y b)-9(e)1( i)-11(n)2(s)-11(u)-9(la)-10(te)-10(d)]TJ
0 -1.462 TD
0.193 Tw
[(a)-10(g)-9(ai)-11(n)-9(s)0(t)-11( )11(h)-9(o)1(m)-16(e)1(o)-10(w)-6(n)-9(e)1(r)-11( )11(d)-9(e)1(f)-11(a)-10(ul)-11(t pe)-10(r se)-10(.)-6( )11(Mo)-10(re)-10(o)-10(v)1(e)-10(r)55(,)-6( ou)-9(r re)-10(su)-9(l)-11(t)0(s)]TJ
0 -1.473 TD
0.007 Tc
0.084 Tw
[(sug)12(g)1(es)10(t t)10(h)1(at)10( )-11(a)11( cha)11(nge)11( )-11(i)10(n)1( th)12(e ov)11(er)10(all)10( le)11(ndi)10(ng en)12(vi)10(ron)12(m)-6(e)11(n)1(t)]TJ
0 -1.462 TD
-0.015 Tw
[(has)10( occ)11(ur)10(red)12( ove)11(r t)10(h)1(e )11(pas)10(t)-1( de)11(ca)11(de, p)12(r)-1(ob)12(abl)10(y)0( be)11(ca)11(use)11( le)11(nder)10(s)]TJ
T*
0.006 Tc
-0.003 Tw
[(hav)10(e)-1( b)11(eco)10(m)-7(e)10( mor)9(e)-1( )11(agg)11(r)-2(es)9(si)9(ve)10( a)10(nd b)11(o)-1(rr)9(owe)10(r)-2(s)9( mor)9(e)-1( )11(sop)11(h)0(is)9(ti)9(-)]TJ
0 -1.473 TD
-0.004 Tc
0.117 Tw
[(c)-11(a)-11(t)-1(e)-11(d)-10(. A)-7(l)-12(l e)-11(lse)-11( b)-10(e)0(i)-12(n)1(g)-10( e)-11(q)1(u)-10(a)-11(l,)-7( th)-10(i)-12(s)-1( ch)-10(a)-11(n)-10(ge)-11( h)-10(a)0(s)-12( )11(i)-12(n)-10(cr)-12(ea)-11(se)-11(d)-10( th)-10(e)]TJ
0 -1.462 TD
-0.003 Tc
0.006 Tw
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0 -1.462 TD
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-0.004 Tw
[(m)5(o)0(del\222)64(s )11(other )11(explana)11(tory )11(vari)10(a)0(bles )11(\(T)90(a)11(b)1(le 7\))10(. W)73(e)0( )11(saw i)10(n)1( T)90(a)0(bl)10(e 1)]TJ
T*
-0.015 Tc
0.084 Tw
[(t)10(h)1(at )11(the )11(mea)11(n)1( va)11(lue )11(for )11(LE f)10(o)0(r r)10(e)0(fi)10(nance)11(rs )11(is )11(24 ba)11(sis)10( poi)10(n)1(ts.)]TJ
0 -1.473 TD
0.139 Tw
[(The)11( res)10(u)1(lts)10( repo)11(rte)11(d in T)101(a)0(ble)11( 7 indi)10(cat)10(e tha)11(t)-1(, al)10(l el)10(se b)12(e)0(ing)]TJ
0 -1.462 TD
0.106 Tw
[(e)11(qual, thi)10(s)-1( mean val)10(ue of LE res)10(u)1(lts)10( in a 0.2 incr)10(ease)11( )-11(i)10(n)1( the)]TJ
T*
0.084 Tw
[(pr)10(obabi)10(lit)10(y of r)10(e)0(fi)10(nanci)10(ng. Com)-6(p)1(a)11(ring T)101(a)0(ble)11( 7 w)-7(i)10(th T)90(a)11(ble 6,)]TJ
0 -1.473 TD
0.018 Tw
[(we co)11(nclude)11( )-11(t)10(h)1(at th)12(e change i)10(n)1( )-11(t)10(h)1(e len)12(d)1(ing envi)10(ronment)10( )-11(o)11(ver)]TJ
0 -1.462 TD
0.128 Tw
[(t)10(h)1(e pas)10(t)-1( de)11(cade ha)11(s had )11(an ef)10(fect)10( on t)10(h)1(e pr)10(obabil)10(it)10(y of )11(ref)10(i)-1(-)]TJ
T*
-0.016 Tc
0.052 Tw
[(na)10(ncing )11(equiva)10(lent)9( to )11(m)-7(o)-1(v)10(i)-2(ng f)9(r)-2(om an )11(L)66(T)2(V r)9(a)-1(ti)9(o of)9( 100 pe)10(r-)]TJ
0 -1.473 TD
-0.015 Tc
0.117 Tw
[(c)11(e)0(nt to )-11(a)11(n)1( )-11(L)78(T)3(V )-11(ra)11(tio of 60 )-11(per)10(cent)10(\227)-4(a very powerf)10(ul eff)10(ect.)]TJ
0 -1.462 TD
0.018 Tw
[(S)11(i)-1(milar)10(l)-1(y)99(,)4( ea)11(ch y)11(ear )11(in )11(which )11(a )11(loan )11(ages)10( r)10(e)0(duces)10( th)12(e pr)10(obabi)10(l)-1(-)]TJ
0 -1.473 TD
-0.016 Tc
-0.003 Tw
[(i)9(t)-2(y of)9( ref)9(i)-2(nanc)10(ing by 0.1, al)9(l el)9(se bei)9(ng equal)9(.)3( )]TJ
ET
1 1 1 sc
45.64 234.96 248.4 -90 re
f*
BT
12.48 0 0 12.48 81.64 226.721 Tm
0 0 0 sc
(C)Tj
9.96 0 0 9.96 89.2 226.685 Tm
0.003 Tc
(ONCLUSION)Tj
10.92 0 0 10.92 45.64 211.716 Tm
0.006 Tc
0.26 Tw
[(Our)9( ana)10(l)-2(y)10(s)-2(i)9(s)-2( pr)9(ovi)9(de)10(s compe)10(ll)9(i)9(ng evi)9(de)10(nce)10( )-11(t)9(h)0(at)9( a poo)10(r)]TJ
0 -1.462 TD
0.007 Tc
0.128 Tw
[(c)11(r)-1(e)11(d)1(it)10( hi)10(st)10(or)10(y s)10(i)-1(gn)12(if)10(ic)11(ant)10(l)-1(y)11( re)11(duce)11(s)-1( t)10(h)1(e)11( pro)11(b)1(ab)12(il)10(it)10(y t)10(h)1(at)10( a)]TJ
0 -1.473 TD
0.006 Tc
0.304 Tw
[(h)11(o)-1(meown)11(e)-1(r wi)9(ll)9( re)10(fi)9(nanc)10(e a mor)9(t)-2(g)11(a)-1(ge)10(, )-11(e)10(v)-1(e)10(n)0( when t)9(h)0(e)]TJ
0 -1.462 TD
0.007 Tc
0.095 Tw
[(f)10(i)-1(n)12(a)0(nc)11(ia)11(l i)10(n)1(ce)11(nti)10(v)0(e)11( fo)11(r do)11(ing)12( so a)11(ppe)11(ar)10(s s)10(t)-1(r)10(o)0(ng.)15( Mo)11(re)11(ove)11(r)54(,)]TJ
ET
1 1 1 sc
320.68 746.4 248.4 -602.76 re
f*
BT
10.92 0 0 10.92 320.56 739.115 Tm
0 0 0 sc
0.084 Tw
[(con)12(si)10(st)10(ent)10( wit)10(h)1( pr)10(ev)11(io)11(us s)10(t)-1(u)12(d)1(ie)11(s, we)11( fi)10(nd )11(tha)11(t)-1( r)10(e)0(f)10(i)-1(n)12(a)0(nc)11(ing)]TJ
T*
0.062 Tw
[(pro)11(b)1(abi)10(l)10(i)-1(t)10(i)-1(e)11(s)-1( ar)10(e qui)10(te s)10(e)0(ns)10(it)10(iv)11(e to t)10(h)1(e amoun)12(t)-1( of)10( )-11(e)11(qui)10(ty)11( )-11(a)]TJ
T*
0.006 Tc
0.096 Tw
[(homeo)10(w)3(ner)9( has)9( i)9(n)0( hi)9(s o)10(r)-2( he)10(r p)11(r)-2(op)11(er)9(ty)98(. Homeo)10(w)3(ner)9(s)-2( wi)9(th)]TJ
0 -1.473 TD
0.007 Tc
0.007 Tw
[(poor)10( cr)10(edi)10(t)-1( hi)10(st)10(or)10(ie)11(s an)12(d lo)11(w )-11(e)11(qui)10(ty)11( )-11(p)12(o)0(si)10(ti)10(on)12(s ca)11(nnot)10( ea)11(si)10(ly)]TJ
0 -1.462 TD
0.347 Tw
[(me)11(et)10( le)11(nde)11(rs)10(\222 u)12(nder)10(w)4(ri)10(ti)10(ng c)11(r)-1(i)10(t)-1(e)11(r)-1(i)10(a)0(, )11(so t)10(h)1(e)11(y)0( ar)10(e o)11(f)-1(t)10(e)0(n)]TJ
T*
0.117 Tw
[(blo)11(c)0(ke)11(d f)10(r)-1(om o)11(b)1(ta)11(in)12(ing)12( the)11( re)11(pl)10(ace)11(m)-6(e)11(nt)10( fi)10(nan)12(c)0(i)10(ng ne)11(ces)10(-)]TJ
0 -1.473 TD
-0.004 Tw
[(sar)10(y)0( t)10(o)0( p)12(r)-1(e)11(p)1(ay )11(the)11(i)-1(r)10( ex)11(is)10(ti)10(ng m)5(o)0(r)10(t)-1(g)12(a)0(ge)11(.)]TJ
3.297 -1.462 TD
0.084 Tw
[(O)-7(n)12( ano)11(t)-1(he)11(r l)10(e)0(v)11(e)0(l)10(,)4( th)12(is)10( re)11(sea)11(r)-1(c)11(h)1( co)11(ntr)10(i)10(bute)11(s)-1( t)10(o)0( t)10(h)1(e)]TJ
-3.297 -1.462 TD
-0.026 Tw
[(evi)10(den)12(ce t)10(h)1(at)10( hou)12(s)-1(e)11(h)1(ol)10(ds\222)9( f)10(i)-1(na)11(nci)10(a)0(l)10( con)12(dit)10(i)10(o)0(ns)10( can)12( )-11(h)12(ave)11( si)10(g-)]TJ
0 -1.473 TD
0.062 Tw
[(nif)10(i)-1(c)11(a)0(nt)10( ef)10(fe)11(cts)10( on t)10(h)1(e ch)12(anne)11(ls)10( thr)10(o)0(ug)12(h whic)11(h dec)11(l)-1(i)10(n)1(es)10( in)]TJ
0 -1.462 TD
-0.003 Tc
0.291 Tw
[(i)-11(n)-9(te)-10(re)-10(st)-11( r)-11(a)1(t)-11(e)-10(s )-11(in)-9(fl)-11(ue)-10(n)-9(c)1(e)-10( )-11(th)-9(e )-11(o)-10(v)1(e)-10(r)0(a)-10(l)0(l)-11( e)-10(c)-10(o)1(n)-9(o)-10(my)89(.)-6( F)-9(r)-11(om)-16( t)-22(h)-30(e)]TJ
T*
0.018 Tc
0.523 Tw
[(b)-9(r)-1(o)-11(a)0(d)-9(e)0(s)-12(t)-1( v)-11(i)-1(ew)-7(p)-9(o)0(i)-12(n)1(t)-12(,)4( )-11(m)-6(o)0(rt)-12(ga)-11(ge)-11( re)-11(fi)-12(na)-11(nc)-11(in)-9(gs )-11(ca)-11(n b)-9(e)]TJ
0 -1.473 TD
0.194 Tw
[(v)-11(i)-1(e)-11(w)-7(ed)-9( as r)-12(e)0(d)-9(ist)-12(rib)-9(u)-9(tio)-11(ns)-12( of c)-11(a)0(s)-12(h)2( fl)-12(ow)-7(s a)-11(m)-6(on)-9(g)-9( ho)-11(us)-12(e-)]TJ
0 -1.462 TD
-0.003 Tc
0.127 Tw
[(h)-9(o)-10(ld)-9(s)-11( o)-10(r)0( i)-11(n)-9(ve)-10(st)-11(me)-10(n)-9(t)0( i)-11(n)-9(te)-10(rm)-16(ed)-9(ia)-10(ri)-11(e)-10(s)0(.)-6( F)-9(o)-10(r )-11(th)-9(o)-10(s)0(e)-10( h)-9(o)1(u)-9(s)-11(eh)-9(o)-10(l)0(d)-9(s)]TJ
T*
0.019 Tc
0.094 Tw
[(a)-10(b)2(l)-11(e)1( to)-10( red)-8(u)-8(ce c)-10(o)1(s)-11(ts b)-8(y)1( lo)-10(ck)-8(in)-8(g in)-8( a lo)-10(w)-6(e)1(r in)-8(te)-10(re)-10(st ra)-10(te)]TJ
0 -1.473 TD
0.018 Tc
-0.004 Tw
[(o)-11(n)-9( th)-9(ei)-12(r mo)-11(rt)-12(ga)-11(ge)-11(, )-11(re)-11(fin)-9(an)-9(ci)-12(ng)-9( is)-12( li)-12(ke)-11(ly)-11( to)-11( h)-9(a)0(v)-11(e)0( )-11(a w)-7(e)-11(al)-12(th)]TJ
0 -1.462 TD
0.028 Tc
0.217 Tw
[(or)9( pe)10(rma)10(n)1(e)10(n)1(t)9( in)11(co)10(me e)10(f)-2(f)9(e)10(ct)9( th)11(at)9( mig)11(h)1(t)9( bo)10(os)9(t o)10(v)-1(e)10(r)9(al)9(l)]TJ
T*
0.019 Tc
0.182 Tw
[(c)-10(o)1(n)-8(s)0(u)-8(m)-5(p)-8(tio)-10(n sp)-8(en)-8(d)-8(i)0(n)-8(g)2(.)-6( C)-7(o)1(n)-8(v)1(e)-10(rse)-10(ly)89(,)-6( to th)-8(e)-10( )11(e)-10(x)1(t)-11(e)1(n)-8(t)0( th)-8(at)]TJ
0 -1.473 TD
0.018 Tc
0.117 Tw
[(h)-9(o)-11(use)-11(h)-9(old)-9(s)-1( ar)-12(e u)-9(n)2(a)-11(b)1(l)-12(e)0( to)-11( )11(o)-11(b)-9(tai)-12(n)1( re)-11(pl)-12(ac)-11(em)-6(e)-11(n)1(t)-12( )11(f)-12(i)-1(na)-11(n)-9(c)0(in)-9(g)]TJ
0 -1.462 TD
-0.015 Tc
0.084 Tw
[(at lower)10( )-11(i)10(n)1(ter)10(e)0(st ra)11(tes)10( )-11(bec)11(a)0(use of)10( )-11(de)11(teri)10(ora)11(t)-1(ed cre)11(d)1(it his)10(t)-1(or)10(ies)]TJ
0 -1.473 TD
-0.004 Tc
0.095 Tw
[(or er)10(osi)10(o)0(n of eq)12(uit)10(y)88(, the)11( )-11(s)10(t)-1(i)10(m)-6(ul)10(at)10(ive)11( )-11(e)11(ffe)11(ct)10( )-11(on)12( )-11(co)11(nsumpt)10(ion)]TJ
0 -1.462 TD
-0.005 Tc
-0.003 Tw
[(w)-8(o)10(uld l)9(i)-2(k)11(e)-1(ly)10( be l)9(e)-1(ss)9(.)]TJ
3.297 -1.462 TD
0.007 Tc
0.281 Tw
[(O)-7(f)10( c)11(o)0(ur)10(se)11(, re)11(fi)10(na)11(nci)10(ng d)12(eci)10(si)10(on)12(s a)11(l)-1(s)10(o)0( a)11(f)-1(f)10(e)0(c)11(t)-1( t)10(h)1(e)]TJ
-3.297 -1.473 TD
0.139 Tw
[(inv)11(e)0(s)10(t)-1(or)10(s )11(in)12( th)12(e v)11(a)0(r)10(i)-1(o)11(u)1(s )11(cas)10(h )11(fl)10(ows )11(gen)12(e)0(ra)11(te)11(d b)12(y)0( po)11(ol)10(s )11(of)]TJ
0 -1.462 TD
0.172 Tw
[(m)-6(o)11(rt)10(gag)12(e)0(s.)15( Wh)12(en h)12(o)0(meown)12(e)0(r)10(s)-1( r)10(e)0(f)10(i)-1(n)12(a)0(nc)11(e, t)10(h)1(os)10(e )11(inv)11(e)0(s)10(t)-1(or)10(s)]TJ
T*
0.128 Tw
[(los)10(e)0( abo)11(ve-)10(mar)10(k)1(et)10(-r)10(at)10(e )-11(i)10(n)1(c)11(o)0(me )-11(s)10(t)-1(r)10(e)0(a)11(m)-6(s)10( )-11(a)11(nd so ar)10(e )-11(k)12(een)12(ly)]TJ
0 -1.473 TD
0.073 Tw
[(int)10(e)0(r)10(e)0(s)10(t)-1(e)11(d)1( in)12( any)11( fa)11(cto)11(r)-1(s)10( th)12(at ma)11(y ha)11(ve a)11( si)10(gni)10(fi)10(ca)11(nt b)12(ear)10(-)]TJ
0 -1.462 TD
-0.004 Tw
[(ing)12( on)12( th)12(e )11(pro)11(b)1(abi)10(l)10(i)-1(t)10(y)0( o)11(f)-1( )11(re)11(fi)10(nanc)11(in)12(g. Th)12(is)10( a)11(n)1(al)10(ys)10(is)10( de)11(mo)11(n-)]TJ
T*
0.062 Tw
[(st)10(rat)10(e)0(s)10( th)12(at)10(, in )11(addi)10(ti)10(on)12( to m)5(o)11(nit)10(o)0(r)10(i)-1(ng)12( cha)11(nge)11(s i)10(n)1( in)12(te)11(res)10(t)]TJ
0 -1.473 TD
0.018 Tw
[(rat)10(e)0(s)10( and)12( )-11(h)12(o)0(me pr)10(ic)11(es)10(, )-11(t)10(h)1(o)11(s)-1(e i)10(n)1(ve)11(st)10(or)10(s s)10(h)1(oul)10(d)1( be)11( )-11(c)11(o)0(nc)11(er)10(ned)]TJ
0 -1.462 TD
0.029 Tw
[(wit)10(h)1( the)11( cr)10(edi)10(t)-1( hi)10(st)10(or)10(ie)11(s o)11(f)-1( t)10(h)1(e ho)11(me)11(owne)11(rs)10( rep)12(r)-1(e)11(s)-1(en)12(te)11(d in)]TJ
T*
0.139 Tw
[(a p)12(a)0(rt)10(i)10(c)0(ul)10(ar)10( po)11(ol )11(of)10( mor)10(t)-1(ga)11(ges)10( a)11(s)-1( )11(well)10( a)11(s)-1( )11(tr)10(ends)10( i)10(n)1( )11(tho)11(s)-1(e)]TJ
0 -1.473 TD
-0.004 Tc
-0.015 Tw
[(c)-11(r)-12(ed)-10(it)-12( hi)-12(st)-12(or)-12(ie)-11(s)-12( )11(o)-11(v)-11(e)0(r)-12( )11(t)-12(i)-1(m)-17(e)0(.)-7( D)-7(e)-11(sp)-10(it)-12(e g)-10(u)-10(a)0(r)-12(a)0(n)-10(t)-12(ee)-11(s a)-11(g)-10(ai)-12(ns)-12(t c)-11(r)-1(e)-11(d)-10(it)]TJ
0 -1.462 TD
0.007 Tc
0.117 Tw
[(ri)10(sk, t)10(h)1(e re)11(la)11(ti)10(ve pr)10(opo)11(r)-1(t)10(i)-1(o)11(n)1(s of)10( )-11(c)11(r)-1(e)11(d)1(it)10(-c)11(ons)10(t)-1(r)10(a)0(i)10(n)1(ed)12( )-11(h)12(o)0(us)10(e-)]TJ
T*
0.006 Tc
-0.003 Tw
[(hol)9(d)0(s r)9(e)-1(pr)9(es)9(ent)9(e)-1(d i)9(n)0( poo)10(l)-2(s)9( of)9( )-11(mo)10(rt)9(gage)10(s wi)9(ll)9( )-11(h)11(ave)10( a si)9(gni)9(fi)9(-)]TJ
0 -1.473 TD
0.007 Tc
0.205 Tw
[(can)12(t )11(impa)11(ct)10( o)11(n)1( t)10(h)1(e)11( pr)10(epa)11(y)0(men)12(t)-1( )11(beh)12(avi)10(or)10( o)11(f)-1( )11(th)12(ose)11( )11(pool)10(s)]TJ
0 -1.462 TD
-0.004 Tw
[(unde)11(r v)11(a)0(ri)10(ou)12(s i)10(n)1(t)10(e)0(re)11(st)10( ra)11(te)11( and)12( home )11(pri)10(c)0(e)11( sc)11(ena)11(r)-1(i)10(o)0(s)10(.)]TJ
ET
1 1 1 sc
45.64 315.6 248.4 -9.24 re
f*
q
45.64 315.6 248.4 -9.24 re
W n
0 1 1 sc
44.32 312.84 532.32 -0.48 re
f*
Q
q
45.64 315.6 248.4 -9.24 re
W n
45.64 315.6 531 -9.24 re
f*
0 0 0 sc
44.32 312.84 532.32 -0.48 re
f*
Q
BT
7.92 0 0 7.92 45.64 301.124 Tm
0 0 0 sc
0.001 Tc
0.007 Tw
[(So)-10(urce:)-7( )16( A)-14(utho)-10(rs\222 calcul)-9(a)-4(ti)-9(ons)-14(.)]TJ
0 -1.773 TD
0.004 Tc
0.004 Tw
[(No)9(te: )16(Chang)-11(e)-1(s f)9(o)-7(r )16(L)-11(E)-1( )16(an)-11(d HS)9(D are ro)9(u)-11(ghly)9( equ)-11(a)-1(l)9( to)-7( )16(a chang)-11(e)14( o)-7(f)9( o)9(n)-11(e )16(s)-11(t)4(andard)-11( )]TJ
0 -1.258 TD
0 Tc
[(devi)-10(ati)-10(o)5(n)-15(.)]TJ
/F5 1 Tf
0.53 14.04 TD
-0.081 Tc
0.089 Tw
[(Ta)-76(b)-86(l)-91(e)-76( 7)]TJ
/F3 1 Tf
9.96 0 0 9.96 49.84 378.965 Tm
(M)Tj
7.92 0 0 7.92 58.12 379.004 Tm
0.013 Tc
[(AR)28(G)8(I)13(NA)13(L)]TJ
9.96 0 0 9.96 92.68 378.965 Tm
0.003 Tc
0 Tw
( E)Tj
7.92 0 0 7.92 100.72 379.004 Tm
-0.002 Tc
[(FFE)-22(CT)]TJ
9.96 0 0 9.96 122.92 378.965 Tm
( )Tj
7.92 0 0 7.92 125.44 379.004 Tm
0.005 Tc
(OF)Tj
9.96 0 0 9.96 135.16 378.965 Tm
0.003 Tc
( O)Tj
7.92 0 0 7.92 144.88 379.004 Tm
0.008 Tc
(THER)Tj
9.96 0 0 9.96 165.76 378.965 Tm
0.003 Tc
( E)Tj
7.92 0 0 7.92 173.8 379.004 Tm
0.005 Tc
[(XPL)-10(ANA)-10(T)10(OR)-10(Y)]TJ
9.96 0 0 9.96 226.24 378.965 Tm
0.003 Tc
( V)Tj
7.92 0 0 7.92 234.88 379.004 Tm
0 Tc
[(AR)-15(IA)-15(BL)-15(ES)]TJ
-23.364 -1.258 TD
0.005 Tc
(ON)Tj
9.96 0 0 9.96 61.84 369.005 Tm
( )Tj
7.92 0 0 7.92 64.36 369.044 Tm
0.01 Tc
[(TH)15(E)]TJ
9.96 0 0 9.96 79.84 369.005 Tm
0.003 Tc
( P)Tj
7.92 0 0 7.92 88 369.044 Tm
-0.001 Tc
[(ROB)-11(A)-1(B)-11(ILI)-16(TY)]TJ
9.96 0 0 9.96 133.72 369.005 Tm
( )Tj
7.92 0 0 7.92 136.24 369.044 Tm
0.005 Tc
(OF)Tj
9.96 0 0 9.96 145.96 369.005 Tm
0.003 Tc
( R)Tj
7.92 0 0 7.92 155.08 369.044 Tm
0.01 Tc
[(EFI)10(N)0(A)10(NCI)10(NG)]TJ
-13.288 -2.106 TD
-0.004 Tc
0.012 Tw
[(V)42(a)-9(ria)-9(b)-19(le)-5130(C)-14(h)-4(a)-9(n)-19(ge)-9( in V)42(a)-9(ria)-9(b)-19(le)-4494(Ch)-19(an)-19(ge)-9( in)-19( )16(P)-9(r)-4(o)-15(b)-4(a)-9(b)-19(il)-14(ity)]TJ
0 -1.773 TD
0.014 Tc
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[(Recession)5(s.\224 )-13(Na)14(t)11(i)-4(o)15(n)5(a)14(l)9( B)9(u)5(r)11(e)14(au)5( o)15(f)9( E)7(c)14(on)5(o)15(m)3(i)9(c)14( R)12(e)0(s)11(e)14(ar)11(c)14(h)4( )-13(Work)-9(i)9(n)-9(g)5( )-13(Pap)-9(e)0(r)]TJ
T*
-0.006 Tc
0.009 Tw
[(no.)-9( 45)-13(31)-13(, No)-15(vemb)-13(er)-6(.)]TJ
/F5 1 Tf
-1.067 -2.66 TD
0.002 Tc
0.068 Tw
[(C)13(u)-7(n)6(n)6(i)0(n)6(g)4(h)-7(a)6(m,)12( Don)6(a)-7(ld)6( F)11(., )13(a)-7(n)6(d)6( Ch)6(a)6(r)2(les )13(A. Ca)6(pon)6(e)0(, )13(J)-9(r)]TJ
/F3 1 Tf
19.107 -0.006 TD
-0.007 Tc
0.077 Tw
[(. 19)-14(90)-14(.)-10( )13(\223T)-9(h)-14(e)-5( R)7(e)-18(la)-18(t)-7(i)4(v)-16(e)]TJ
-18.04 -1.333 TD
-0.001 Tc
0.244 Tw
[(T)10(e)-12(rmin)6(ation)-8( Exp)6(e)1(rien)-8(ce o)-10(f)10( )-14(Ad)6(ju)6(stab)-8(l)-3(e to )-14(F)6(i)-3(xed)-8(-Rate M)-8(o)3(rtg)6(ag)-8(es.\224)]TJ
T*
(J)Tj
7.2 0 0 7.2 58.72 438.507 Tm
-0.003 Tc
[(OURN)-8(A)-3(L)]TJ
9 0 0 9 87.88 438.424 Tm
( )Tj
7.2 0 0 7.2 90.16 438.507 Tm
-0.005 Tc
(OF)Tj
9 0 0 9 98.92 438.424 Tm
-0.01 Tc
0 Tw
( F)Tj
7.2 0 0 7.2 105.64 438.507 Tm
0.003 Tc
[(INA)20(N)-2(C)-3(E)]TJ
9 0 0 9 132.4 438.424 Tm
0.006 Tc
-0.003 Tw
[( 4)13(5)-1(,)16( no)10(. )13(5:)16( 16)13(8)13(7)-1(-)6(7)13(03)13(.)]TJ
/F5 1 Tf
-9.64 -2.661 TD
0.001 Tc
0.202 Tw
[(DiP)10(a)5(sq)-8(u)5(a)5(le,)11( Den)5(ise, )13(a)-8(n)5(d)5( C.)11( Tsu)5(riel)12( S)5(o)1(mervill)12(e)]TJ
/F3 1 Tf
17.36 -0.006 TD
-0.006 Tc
0.209 Tw
[(.)-9( 19)-13(95)-13(. \223Do H)-15(o)-2(us)-6(e P)-10(r)-6(ic)-17(e)]TJ
-16.293 -1.333 TD
-0.001 Tc
0.231 Tw
[(In)6(d)-8(e)1(xes Based)6( )-13(on)6( Tran)-8(sactin)6(g)6( )-13(Un)6(its Rep)6(r)-1(ese)-12(n)6(t th)6(e)-12( E)8(n)-8(ti)10(re)-12( Stock)-8(?)]TJ
T*
-0.002 Tc
0.485 Tw
[(E)7(v)-11(i)9(d)-9(enc)-13(e)0( from)-11( th)-9(e )-14(American)-9( H)-11(o)2(usin)-9(g )-14(Surv)-11(ey.\224 )-14(J)]TJ
7.2 0 0 7.2 249.4 390.507 Tm
[(OURN)-8(A)-3(L)]TJ
9 0 0 9 278.56 390.424 Tm
( )Tj
7.2 0 0 7.2 285.28 390.507 Tm
-0.005 Tc
(OF)Tj
9 0 0 9 55.24 378.424 Tm
(H)Tj
7.2 0 0 7.2 62.2 378.507 Tm
-0.003 Tc
[(OUS)-9(IN)-8(G)]TJ
9 0 0 9 88.96 378.424 Tm
0.003 Tc
0 Tw
( E)Tj
7.2 0 0 7.2 96.16 378.507 Tm
0 Tc
[(C)-6(O)5(NOMIC)11(S)]TJ
9 0 0 9 132.52 378.424 Tm
-0.007 Tc
0.01 Tw
[( 4,)-10( no.)-10( 3:)-10( 19)-14(5-)-7(22)-14(9.)]TJ
/F5 1 Tf
-9.653 -2.66 TD
0.001 Tc
0.269 Tw
[(E)10(strell)12(a)-8(,)11( Artu)5(r)1(o)]TJ
/F3 1 Tf
5.867 -0.006 TD
0 Tc
[(. 1)-7(9)7(9)7(7)-7(. \223A New M)-7(easu)-7(r)13(e)-11( of F)7(i)-2(t for Eq)7(u)-7(a)2(tion)-7(s)13( )-13(wi)11(th)]TJ
-4.8 -1.333 TD
-0.001 Tc
0.138 Tw
[(Dich)6(oto)-10(m)4(ou)-8(s Dep)6(en)-8(d)6(e)1(n)-8(t)-1( Variab)6(les.\224 F)6(e)-12(d)6(e)1(ral Reserve)-12( B)10(a)1(n)-8(k)6( o)-10(f)10( N)-10(e)1(w)]TJ
T*
0 Tc
0.403 Tw
[(York)7( Resea)-11(r)0(ch)7( Pap)7(e)-11(r)13( )-14(n)7(o)4(. 9)7(7)-7(1)7(6)-7(. F)7(o)4(rth)-7(comin)-7(g)7( in)7( J)]TJ
7.2 0 0 7.2 250.12 330.507 Tm
0.001 Tc
[(O)-10(U)6(RNAL)]TJ
9 0 0 9 279.28 330.424 Tm
( )Tj
7.2 0 0 7.2 285.28 330.507 Tm
-0.005 Tc
(OF)Tj
9 0 0 9 55.24 318.424 Tm
(B)Tj
7.2 0 0 7.2 60.64 318.507 Tm
0.003 Tc
[(U)-8(S)14(INE)9(S)-3(S)]TJ
9 0 0 9 87.4 318.424 Tm
( )Tj
7.2 0 0 7.2 89.68 318.507 Tm
(AND)Tj
9 0 0 9 105.28 318.424 Tm
0 Tw
( E)Tj
7.2 0 0 7.2 112.48 318.507 Tm
0 Tc
[(C)-6(O)5(NOMIC)]TJ
9 0 0 9 145.72 318.424 Tm
-0.01 Tc
( S)Tj
7.2 0 0 7.2 151.96 318.507 Tm
-0.011 Tc
[(TA)-11(T)-17(I)-11(ST)-17(I)-11(C)0(S)]TJ
9 0 0 9 185.44 318.424 Tm
(.)Tj
/F5 1 Tf
-15.533 -2.661 TD
0.001 Tc
0.269 Tw
[(F)10(a)-8(zza)5(ri, S)5(teven)5( M.,)11( )-13(R)12(.)-2( G)-10(l)12(en)5(n)-8( Hu)5(bb)-10(a)5(r)1(d)5(,)-2( a)5(n)-8(d)5( Bru)5(ce C. Pet)12(e)-1(rson)]TJ
/F3 1 Tf
24.573 -0.006 TD
0.006 Tc
0.264 Tw
[(. 19)13(88)13(.)]TJ
-23.507 -1.333 TD
-0.001 Tc
0.378 Tw
[(\223F)6(in)-8(an)6(cin)-8(g)6( Con)6(strain)6(ts an)-8(d)6( Corp)6(o)-10(r)-1(ate In)6(vestm)-10(en)6(t.\224 B)]TJ
7.2 0 0 7.2 257.32 282.507 Tm
-0.003 Tc
[(ROOKIN)-8(G)2(S)]TJ
9 0 0 9 55.24 270.424 Tm
(P)Tj
7.2 0 0 7.2 60.16 270.507 Tm
0 Tc
[(AP)-11(E)6(R)0(S)]TJ
9 0 0 9 80.92 270.424 Tm
( )Tj
7.2 0 0 7.2 83.2 270.507 Tm
-0.005 Tc
(ON)Tj
9 0 0 9 94 270.424 Tm
0.003 Tc
0 Tw
( E)Tj
7.2 0 0 7.2 101.2 270.507 Tm
0 Tc
[(C)-6(O)5(NOMIC)]TJ
9 0 0 9 134.44 270.424 Tm
-0.01 Tc
( A)Tj
7.2 0 0 7.2 142.6 270.507 Tm
0.006 Tc
[(CTI)6(V)23(I)6(TY)]TJ
9 0 0 9 170.2 270.424 Tm
-0.002 Tw
[(, )13(no)9(.1)12(: 1)12(4)-2(1)12(-)5(95)12(.)]TJ
/F5 1 Tf
-13.84 -2.66 TD
-0.003 Tc
0.566 Tw
[(Fol)-5(l)-5(a)1(i)-5(n)1(,)-6( Ja)-12(m)8(e)-5(s)-5( R)-5(.)-6(,)7( J)-14(a)1(m)-5(e)8(s)-5( O)-7(.)-6( Sc)-5(ot)-5(t)-5(,)7( )-14(and T)-5(L)-7( T)-5(y)-1(l)-5(e)-5(r)-3( Yang)]TJ
/F3 1 Tf
24.28 -0.006 TD
0.006 Tc
0.557 Tw
[(. 19)13(92)13(.)]TJ
-23.213 -1.333 TD
-0.001 Tc
0.124 Tw
[(\223M)5(icrofou)-8(n)6(d)-8(a)1(tion)6(s o)-10(f)10( a)-12( M)5(o)3(rtg)-8(ag)6(e Prep)-8(aymen)-8(t)-1( F)6(u)-8(n)6(c)1(tion)-8(.)9(\224)-12( J)]TJ
7.2 0 0 7.2 264.88 234.507 Tm
-0.003 Tc
[(OURN)-8(A)-3(L)]TJ
-29.117 -1.667 TD
-0.005 Tc
(OF)Tj
9 0 0 9 64 222.424 Tm
0.003 Tc
0 Tw
( R)Tj
7.2 0 0 7.2 72.28 222.507 Tm
-0.006 Tc
[(EA)-6(L)]TJ
9 0 0 9 84.64 222.424 Tm
0.003 Tc
( E)Tj
7.2 0 0 7.2 91.84 222.507 Tm
0 Tc
[(S)-6(T)11(AT)-6(E)]TJ
9 0 0 9 112.6 222.424 Tm
( )Tj
7.2 0 0 7.2 114.88 222.507 Tm
0.003 Tc
(AND)Tj
9 0 0 9 130.48 222.424 Tm
( E)Tj
7.2 0 0 7.2 137.68 222.507 Tm
0 Tc
[(C)-6(O)5(NOMIC)11(S)]TJ
9 0 0 9 174.04 222.424 Tm
-0.007 Tc
0.01 Tw
[( 5,)-10( no.)-10( 2:)-10( 19)-14(7-)-7(21)-14(7.)]TJ
ET
1 1 1 sc
320.68 660.36 248.4 -441.96 re
f*
BT
/F5 1 Tf
9 0 0 9 320.56 654.48 Tm
0 0 0 sc
0.001 Tc
0.002 Tw
[(Folla)5(in)5(, Ja)-8(m)12(es R., a)5(n)-8(d)5( Da)-8(h)5(-)1(Nein)5( Tza)5(n)-8(g)]TJ
/F3 1 Tf
14.533 -0.006 TD
0 Tc
[(. 1)7(9)-7(8)7(8)-7(.)10( )-14(\223In)7(t)0(e)-11(r)13(e)-11(st Rate )-14(Di)11(fferen)-7(t)0(ial)]TJ
-13.467 -1.333 TD
-0.003 Tc
0.02 Tw
[(a)-14(nd Refinan)-10(cing)-10( a )14(H)-12(o)1(me Mo)-12(rtgag)-10(e.)7(\224)-14( )13(A)]TJ
7.2 0 0 7.2 466.6 642.507 Tm
0 Tc
[(P)-11(P)6(RAIS)11(AL)]TJ
9 0 0 9 498.16 642.424 Tm
0.017 Tc
0 Tw
( J)Tj
7.2 0 0 7.2 504.04 642.507 Tm
-0.002 Tc
[(OU)-13(RN)9(AL)]TJ
9 0 0 9 533.2 642.424 Tm
0.006 Tc
0.011 Tw
[( 5)13(6)-1(,)16( no)10(. )14(2:)]TJ
-22.56 -1.333 TD
0.007 Tc
[(24)14(3-)7(5)14(1)0(.)]TJ
/F5 1 Tf
-1.067 -2.66 TD
0.05 Tc
-0.007 Tw
[(Gi)-5(l)8(i)-5(be)8(rt)-5(o)10(,)-7( S.)-7( Mi)-5(c)8(hae)-5(l)-5(,)7( and )-14(T)8(h)1(om)8(as)-5( G.)-7( T)-6(h)1(i)8(b)-1(ode)8(a)1(u)]TJ
/F3 1 Tf
19.653 -0.006 TD
0.047 Tc
0.01 Tw
[(.)-10( )14(19)-13(89. \223Model)-8(ing)]TJ
-18.587 -1.333 TD
0 Tc
0.377 Tw
[(Con)-7(v)4(en)-7(ti)11(o)-9(n)7(al Resid)-7(e)2(n)7(t)0(ial M)-7(o)4(rtg)7(ag)-7(e Refin)7(a)-11(n)7(cin)7(g)-7(s.)10(\224)-11( J)]TJ
7.2 0 0 7.2 525.4 594.507 Tm
-0.003 Tc
[(OU)-14(R)14(N)-8(AL)]TJ
9 0 0 9 554.56 594.424 Tm
( )Tj
7.2 0 0 7.2 560.2 594.507 Tm
0.011 Tc
(OF)Tj
9 0 0 9 330.16 582.424 Tm
(R)Tj
7.2 0 0 7.2 336.16 582.507 Tm
[(EA)11(L)]TJ
9 0 0 9 348.64 582.424 Tm
-0.01 Tc
0 Tw
( E)Tj
7.2 0 0 7.2 355.84 582.507 Tm
0 Tc
[(S)-6(T)11(AT)-6(E)]TJ
9 0 0 9 376.6 582.424 Tm
0.003 Tc
( F)Tj
7.2 0 0 7.2 383.32 582.507 Tm
0.001 Tc
[(INAN)12(C)-5(E)]TJ
9 0 0 9 410.08 582.424 Tm
( )Tj
7.2 0 0 7.2 412.36 582.507 Tm
0.003 Tc
(AND)Tj
9 0 0 9 427.96 582.424 Tm
( E)Tj
7.2 0 0 7.2 435.16 582.507 Tm
0 Tc
[(C)-6(O)5(NOMIC)11(S)]TJ
9 0 0 9 471.52 582.424 Tm
-0.007 Tc
0.01 Tw
[( 2,)-10( no.)-10( 4:)-10( 28)-14(5-)-7(9)-14(9)0(.)]TJ
/F5 1 Tf
-16.773 -2.661 TD
-0.002 Tc
0.165 Tw
[(Good)-11(m)9(a)-11(n,)-5( Joh)-11(n)2( L)-6(.)-5(,)-5( an)-11(d )-14(John )-14(B)-4(.)8( )-14(It)-4(t)9(n)-11(e)-4(r)]TJ
/F3 1 Tf
14.507 -0.006 TD
0.18 Tw
[(. 19)-10(92)-10(.)7( \223The Accu)-10(racy of Home)]TJ
-13.44 -1.333 TD
0.028 Tc
0.282 Tw
[(O)-10(w)2(n)-5(e)4(rs\222 Estim)-7(a)4(t)-12(e)4(s of H)-7(o)5(u)-5(s)1(e)-10( )13(V)-12(a)4(lu)-5(e.\224)-10( )13(J)]TJ
7.2 0 0 7.2 483.28 546.507 Tm
0.031 Tc
[(OU)-14(RN)-8(AL)]TJ
9 0 0 9 514 546.424 Tm
( )Tj
7.2 0 0 7.2 519.04 546.507 Tm
0.045 Tc
(OF)Tj
9 0 0 9 528.4 546.424 Tm
0.31 Tc
0 Tw
( H)Tj
7.2 0 0 7.2 540.64 546.507 Tm
0.038 Tc
[(O)-7(U)10(SING)]TJ
9 0 0 9 330.16 534.424 Tm
(E)Tj
7.2 0 0 7.2 335.2 534.507 Tm
0 Tc
[(C)-6(O)5(NOMIC)11(S)]TJ
9 0 0 9 371.56 534.424 Tm
-0.007 Tc
0.01 Tw
[( 2,)-10( no.)-10( 4:)-10( 339)-14(-)-7(5)0(7)-14(.)]TJ
/F5 1 Tf
-5.667 -2.661 TD
0.002 Tc
0.108 Tw
[(Green)6(, W)11(illia)6(m )13(H)]TJ
/F3 1 Tf
6.787 -0.006 TD
0.005 Tc
0.092 Tw
[(. 19)12(93)12(. )-13(E)]TJ
7.2 0 0 7.2 415.48 510.507 Tm
0 Tc
[(C)-6(O)5(NOME)6(T)-6(RIC)]TJ
9 0 0 9 461.8 510.424 Tm
0.11 Tc
0 Tw
( A)Tj
7.2 0 0 7.2 471.04 510.507 Tm
0.001 Tc
[(NA)18(LYS)-5(IS)]TJ
/F5 1 Tf
9 0 0 9 498.64 510.48 Tm
(.)Tj
/F3 1 Tf
0.24 -0.006 TD
0 Tc
0.097 Tw
[( )-13(2)7(d)-7( ed)-7(. N)-9(e)2(w York)-7(:)]TJ
-18.96 -1.333 TD
0.003 Tc
-0.013 Tw
[(MacM)9(illan Pu)10(bli)14(s)3(hin)10(g)-4( Co)7(m)-6(p)10(any)7(.)]TJ
/F5 1 Tf
-1.067 -2.66 TD
0.062 Tc
0.035 Tw
[(Madda)13(l)-7(a)13(,)-8( G)117(.)112( )120(S)]TJ
/F3 1 Tf
5.893 -0.006 TD
0.072 Tc
0.038 Tw
[(.)122( )13(198)12(3. L)]TJ
7.2 0 0 7.2 410.2 474.507 Tm
0.086 Tc
[(I)-14(MITE)9(D)]TJ
9 0 0 9 438.4 474.424 Tm
0.067 Tc
(-D)Tj
7.2 0 0 7.2 449.2 474.507 Tm
0.077 Tc
[(EP)-17(EN)-12(D)-18(E)0(N)-12(T)]TJ
9 0 0 9 490.96 474.424 Tm
( )Tj
7.2 0 0 7.2 494.2 474.507 Tm
0.083 Tc
[(AN)-6(D)]TJ
9 0 0 9 511.6 474.424 Tm
0.11 Tc
0 Tw
( Q)Tj
7.2 0 0 7.2 521.92 474.507 Tm
0.083 Tc
[(U)-12(ALI)-17(T)11(A)-17(T)-6(I)-1(VE)]TJ
9 0 0 9 330.16 462.424 Tm
(V)Tj
7.2 0 0 7.2 336.16 462.507 Tm
0 Tc
[(ARIAB)-6(LE)6(S)]TJ
9 0 0 9 368.2 462.424 Tm
( )Tj
7.2 0 0 7.2 372.28 462.507 Tm
(IN)Tj
9 0 0 9 380.2 462.424 Tm
0.217 Tc
( E)Tj
7.2 0 0 7.2 389.32 462.507 Tm
0 Tc
[(C)-6(O)5(NOME)6(T)-6(RIC)11(S)]TJ
/F5 1 Tf
9 0 0 9 438.88 462.48 Tm
(.)Tj
/F3 1 Tf
0.253 -0.006 TD
-0.002 Tc
0.205 Tw
[( Camb)-9(r)11(i)-4(d)-9(g)5(e: Camb)-9(ridg)-9(e Unive)-13(r)-2(s)11(i)-4(ty)]TJ
-12.333 -1.333 TD
0 Tc
(Press.)Tj
/F5 1 Tf
-1.067 -2.661 TD
0.008 Tc
0.329 Tw
[(Pe)6(r)8(i)6(s)19(t)6(i)6(a)12(ni)19(,)5( St)6(a)12(v)10(r)8(o)8(s)6(,)18( )-13(P)17(a)-1(u)12(l)6( B)6(e)19(nn)12(e)6(t)6(t)19(,)5( G)10(o)8(r)8(d)-1(o)8(n)12( M)14(o)8(ns)19(e)6(n)-1(,)18( )-13(R)19(i)6(c)6(h)12(a)12(r)8(d Pe)19(ac)19(h,)18( )-13(a)12(n)12(d)]TJ
1.067 -1.333 TD
-0.004 Tc
0.261 Tw
[(J)-15(o)-4(nat)-6(han)-13( R)-6(a)0(i)-6(f)-6(f)]TJ
/F3 1 Tf
5.627 -0.006 TD
-0.001 Tc
0.271 Tw
[(. )13(1)-8(9)6(9)-8(6)6(. \223E)-5(f)10(f)-3(ec)-12(t)12(s)-1( o)-10(f)10( Ho)-10(useh)-8(old Creditworth)-8(i)10(n)-8(ess on)]TJ
-5.627 -1.333 TD
-0.049 Tw
[(M)-8(o)3(rtg)6(a)-12(g)6(e Refin)6(an)-8(cin)6(g)-8(s.)9(\224)-12( )13(F)-8(e)1(d)-8(e)1(ral R)13(e)-12(serve Ban)6(k)-8( of New York)-8( Research)]TJ
T*
0.001 Tc
0.002 Tw
[(Pap)-6(e)3(r )13(n)-6(o)5(. 9)8(6)-6(2)8(2)8(,)-2( Au)8(g)-6(u)8(st.)]TJ
/F5 1 Tf
-1.067 -2.661 TD
0 Tc
0.11 Tw
[(Richard)-9(,)10( Scott F)9(., and Richard Roll)]TJ
/F3 1 Tf
13.187 -0.006 TD
-0.001 Tc
0.111 Tw
[(. 1)-8(9)6(8)6(9)-8(. )13(\223)-12(P)8(rep)-8(a)1(yme)-12(n)6(ts on)6( F)-8(i)-3(xed)6(-Rate)]TJ
-12.12 -1.333 TD
-0.03 Tc
-0.02 Tw
[(M)-10(o)1(r)10(t)-4(gage-backed Se)12(cu)-10(r)10(i)-5(ti)8(es.)7(\224)-1( J)]TJ
7.2 0 0 7.2 428.68 354.507 Tm
-0.037 Tc
[(OURN)-9(A)13(L)]TJ
9 0 0 9 456.28 354.424 Tm
( )Tj
7.2 0 0 7.2 458.08 354.507 Tm
-0.039 Tc
(OF)Tj
9 0 0 9 466.24 354.424 Tm
-0.05 Tc
0 Tw
( P)Tj
7.2 0 0 7.2 472.72 354.507 Tm
-0.04 Tc
[(ORTF)-7(OL)-7(I)10(O)]TJ
9 0 0 9 504.88 354.424 Tm
-0.05 Tc
( M)Tj
7.2 0 0 7.2 513.88 354.507 Tm
-0.037 Tc
[(AN)8(AGEM)-4(EN)8(T)]TJ
9 0 0 9 555.76 354.424 Tm
-0.007 Tc
-0.016 Tw
[( 15)-14(,)]TJ
-25.067 -1.333 TD
0.006 Tc
-0.003 Tw
[(no)10(. 3)13(:)3( )13(73)13(-)6(8)-1(2)13(.)]TJ
/F5 1 Tf
-1.067 -2.66 TD
0.001 Tc
0.002 Tw
[(S)-8(c)12(h)-8(ori)12(n)-8(,)11( Ch)5(a)5(r)1(les )13(N)]TJ
/F3 1 Tf
6.68 -0.006 TD
-0.002 Tc
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2003-01-13T15:38:36-05:00
1997-06-17T16:27:32Z
Stavros Peristiani, Paul Bennett, Gordon Monsen, Richard Peach, and Jonathan Raiff
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