Harvard Joint Center for Housing Studies

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House Price Contagion and US City Migration Networks

Why do national trends in house prices spread more to some cities than to others? This paper proposes an explanation of house price contagion based on migration spillovers between US cities: Increases in house prices as a result of local economic shocks and housing supply constraints drive out-migration to other cities.

The FHFA’s Proposed GSE “Living Will” Rule: Fatally Flawed and Unusually Vague

The Federal Housing Finance Agency (FHFA) recently announced and is seeking public comment on a proposed “living will” rule to apply to the two government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae, which it regulates. Only the largest banks, those designated as “systemically important,” are subject to the requirement for a living will.


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