We explore the effect of home price appreciation on residential lending standards in the U.S. across different sample periods. Using housing supply elasticity measures as instrumental variables for home price changes, we find that rising home prices led to easing lending standards between 2001 and 2006. Mortgage acceptance rates increased more in MSAs that experienced higher home price appreciation, contributing to the credit boom. However, we find that home price appreciation is associated with tighter lending standards between 2012 and 2016, suggesting that banks took a more cautious view of home price appreciation after the financial crisis. To study the negative relationship between home price appreciation and lending standards during the post-crisis years, we examine loan acceptance rates of small and large banks separately. We find that it was the small banks who lowered loan acceptance rates in MSAs with higher home price appreciation, which caused the overall loan acceptance rates to decline.

我们探讨了在不同样本时期内，房价上涨对美国住宅贷款标准的影响。使用住房供应弹性指标作为房价变动的工具变量，我们发现，房价上涨导致2001年至2006年间放宽了贷款标准。在经历了较高房价升值的MSA中，抵押贷款接受率的增加幅度更大，从而推动了信贷繁荣。但是，我们发现，2012年至2016年间，房价升值与更严格的贷款标准有关，这表明银行在金融危机后对房价升值持更为谨慎的态度。为了研究后危机时期房价上涨与贷款标准之间的负相关关系，我们分别研究了小型和大型银行的贷款接受率。