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The Social Life of Mortgage Delinquency and Default
Sociological Science ( IF 2.7 ) Pub Date : 2018-01-01 , DOI: 10.15195/v5.a21
Brian McCabe

Although falling behind on a mortgage loan has significant personal consequences, we know little about whether the experience of delinquency or default influences the housing market behavior of other people in the defaulter's social networks. In this article, I ask how exposure to mortgage default through social networks affects perceptions of the housing market, judgments about the strategic default behavior of other households, and expectations for homeownership. Although individuals purposively draw on information from their social networks to aid in their housing search, theories of social influence have yet to be applied to the negative experience of mortgage delinquency or default. Drawing on the National Housing Survey, I find that individuals exposed to mortgage strain through their social networks express more negative expectations for the housing market and hold more permissive attitudes about strategic default. Homeowners reporting network exposure to mortgage strain are more likely to prefer rental housing when they next move. These results are strongest when individuals are connected to someone who has fallen behind on a mortgage payment in the previous three months.

中文翻译:

抵押违约和违约的社会生活

尽管拖欠抵押贷款会带来重大的个人后果,但我们对拖欠或违约的经历是否会影响违约者社交网络中其他人的住房市场行为知之甚少。在本文中,我想问一下通过社交网络承担抵押贷款违约的风险如何影响对住房市场的看法,对其他家庭的战略违约行为的判断以及对房屋所有权的期望。尽管个人有意从社交网络中获取信息以帮助他们进行住房搜索,但社会影响力理论尚未应用于抵押贷款拖欠或违约的负面经历。利用《全国住房调查》,我发现,通过社交网络承受抵押贷款压力的个人对住房市场表达了更多的消极期望,并对战略违约持有更宽容的态度。报告称网络承受抵押贷款压力的房主在下一步行动时更倾向于租房。当个人与在过去三个月中拖欠抵押贷款的人有联系时,这些结果最为明显。
更新日期:2018-01-01
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