in home improvements and maintenance,which leads to the overall decline in the quality of the natioNegative equity also poses a roadblock for efficient reallocation of housing resources.Families naturally buy and sell houses over their life cycle and

in home improvements and maintenance,which leads to the overall decline in the quality of the natioNegative equity also poses a roadblock for efficient reallocation of housing resources.Families naturally buy and sell houses over their life cycle and
in home improvements and maintenance,which leads to the overall decline in the quality of the natio
Negative equity also poses a roadblock for efficient reallocation of housing resources.Families naturally buy and sell houses over their life cycle and in response to shocks such as illness or divorce.The necessity to write a sizable check to the lender upon sale makes it effectively impossible for liquidity-constrained households to trade their houses without creditimpairing actions such as delinquency; deed-in-lieu,in which a borrower returns the property to the lender; or short sale,in which a house is sold for less than the balance of debts secured by the property.Negative equity also has the potential to limit underwater borrowers’ ability to pursue employment opportunities in other geographic areas.The empirical evidence to date,however,has largely suggested that the adverse effect of negative equity on labor mobility—the so-called “house lock effect”—is fairly limited.
Macroeconomic Effects of
Housing Market Weakness
The housing sector plays an important role in determining the health of the broader economy.Two aspects of this relationship are particularly important—the effect of housing wealth on household consumption and the direct contribution of residential construction to gross domestic product (GDP).

in home improvements and maintenance,which leads to the overall decline in the quality of the natioNegative equity also poses a roadblock for efficient reallocation of housing resources.Families naturally buy and sell houses over their life cycle and
负资产抵押也为有效配置住房资源带来了障碍.家庭在他们的生命周期中进行房屋的买卖,或是对生病或离婚等冲击做出相应的反应.出售后的贷款人有必要写一个相当大的检查,以使贸易流动性约束的家庭他们的房子,不拖欠,如creditimpairing行动不可能有效地代替契约,其中借款人将财产还给贷款人.;短期出售,房子卖不到财产担保的债务余额.负资产也有可能限制“水下借款人继续在其他地区的就业机会的能力.然而,迄今为止的经验证据,已经在很大程度上解释了负资产的流动性对劳工产生的不利影响,即所谓的“房子锁效应”是相当有限的.
宏观经济对疲软的房屋市场的影响
房产业在决定经济是否健康发展中起着重要影响.在这个关系中,有两方面及其重要——房产财富对家庭消费的影响和住宅建设对国民生产总值(GDP)的直接贡献.