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Do you have a Freedom of Information request? Learn how to submit it.
See the world's largest accumulation of gold as you learn about the New York Fed and Federal Reserve System on a free tour.
The latest Annual Report chronicles the impact of Federal Reserve policies and includes data on the New York Fed's operations.
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The Center for Microeconomic Data offers analysis and data exploring individual-level financial and nonfinancial economic conditions, expectations, and behavior in the United States.
Our model produces a "nowcast" of GDP growth, incorporating a wide range of macroeconomic data as it becomes available.
U.S. Economy in a Snapshot is a monthly presentation designed to give you a quick and accessible look at developments in the economy.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
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The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
The College Fed Challenge is a team competition for undergraduates inspired by the working of the Federal Open Market Committee.
The Community Credit interactive highlights credit conditions, including measures of credit inclusion and stress, at the national, state and county levels.
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| May 2010 Volume 16, Number 5 |
| JEL classification: G21, R31, R51 |
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Authors: Andrew Haughwout, Richard Peach, and Joseph Tracy Recent years have seen a sharp rise in the number of negative equity homeowners—those who owe more on their mortgages than their houses are worth. These homeowners are included in the official homeownership rate computed by the Census Bureau, but the savings they must amass to retain their home or purchase a new home are daunting. Recognizing that these homeowners are likely to convert to renters over time, the authors of this analysis calculate an “effective” rate of homeownership that excludes negative equity households. They argue that the effective rate— 5.6 percentage points below the official rate—may be a useful guide to the future path of the official rate. |
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