This paper develops a difference-in-differences estimator that uses annual changes in the conforming loan limit and the 80% loan-to-value (LTV) threshold to isolate the impact of easier access to credit on house prices. Houses that become eligible for financing with an 80% LTV conforming loan increase in value by about $1.17 per square foot, controlling for a rich set of characteristics. Our estimates imply a local elasticity of house prices to interest rates below 6, which suggests that interest rates are capitalized into prices to a lesser extent than proposed by studies relying on more aggregate variation.

中文翻译：

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信贷供应和房价：来自抵押贷款市场细分的证据


本文开发了一个双重差分估计器，它使用合格贷款限额的年度变化和 80% 的贷款价值比 （LTV） 阈值来隔离更容易获得信贷对房价的影响。有资格以 80% LTV 合规贷款获得融资的房屋价值每平方英尺增加约 1.17 美元，控制了一组丰富的特性。我们的估计意味着房价对低于 6 的利率存在局部弹性，这表明利率被资本化到价格中的程度比依赖于更多总体变化的研究所提出的要小。