| Title |
Financially Overextended: College Attendance as a Contributor to Foreclosures During the Great Recession
|
|---|---|
| Published in |
Demography, August 2018
|
| DOI | 10.1007/s13524-018-0702-7 |
| Pubmed ID | |
| Authors |
Jacob W. Faber, Peter M. Rich |
| Abstract |
Although subprime mortgage lending and unemployment were largely responsible for the wave of foreclosures during the Great Recession, additional sources of financial risk may have exacerbated the crisis. We hypothesize that many parents sending children to college were financially overextended and vulnerable to foreclosure as the economy contracted. With commuting zone panel data from 2006 to 2011, we show that increasing rates of college attendance across the income distribution in one year predict a foreclosure rate increase in subsequent years, net of fixed characteristics and changes in employment, refinance debt, house prices, and 19-year-old population size. We find similar evidence of college-related foreclosure risk using longitudinal household data from the Panel Study of Income Dynamics. Our findings uncover a previously overlooked dimension of the foreclosure crisis, and highlight mortgage insecurity as an inadvertent consequence of parental investment in higher education. |
X Demographics
The data shown below were collected from the profiles of 26 X users who shared this research output. Click here to find out more about how the information was compiled.
Geographical breakdown
| Country | Count | As % |
|---|---|---|
| United States | 19 | 73% |
| Unknown | 7 | 27% |
Demographic breakdown
| Type | Count | As % |
|---|---|---|
| Members of the public | 16 | 62% |
| Scientists | 10 | 38% |
Mendeley readers
The data shown below were compiled from readership statistics for 27 Mendeley readers of this research output. Click here to see the associated Mendeley record.
Geographical breakdown
| Country | Count | As % |
|---|---|---|
| Unknown | 27 | 100% |
Demographic breakdown
| Readers by professional status | Count | As % |
|---|---|---|
| Student > Ph. D. Student | 7 | 26% |
| Researcher | 4 | 15% |
| Student > Bachelor | 2 | 7% |
| Student > Doctoral Student | 2 | 7% |
| Student > Master | 2 | 7% |
| Other | 4 | 15% |
| Unknown | 6 | 22% |
| Readers by discipline | Count | As % |
|---|---|---|
| Social Sciences | 11 | 41% |
| Medicine and Dentistry | 2 | 7% |
| Economics, Econometrics and Finance | 2 | 7% |
| Arts and Humanities | 1 | 4% |
| Business, Management and Accounting | 1 | 4% |
| Other | 2 | 7% |
| Unknown | 8 | 30% |
Attention Score in Context
This research output has an Altmetric Attention Score of 144. This is our high-level measure of the quality and quantity of online attention that it has received. This Attention Score, as well as the ranking and number of research outputs shown below, was calculated when the research output was last mentioned on 31 October 2018.
All research outputs
#294,721
of 25,840,929 outputs
Outputs from Demography
#73
of 2,024 outputs
Outputs of similar age
#6,091
of 341,892 outputs
Outputs of similar age from Demography
#4
of 19 outputs
Altmetric has tracked 25,840,929 research outputs across all sources so far. Compared to these this one has done particularly well and is in the 98th percentile: it's in the top 5% of all research outputs ever tracked by Altmetric.
So far Altmetric has tracked 2,024 research outputs from this source. They typically receive a lot more attention than average, with a mean Attention Score of 27.8. This one has done particularly well, scoring higher than 96% of its peers.
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We're also able to compare this research output to 19 others from the same source and published within six weeks on either side of this one. This one has done well, scoring higher than 78% of its contemporaries.