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“10% 📉 in local house prices 📉 the participation rate of the average mortgaged homeowner by 1.6pp’s. Consistent with a financial distress channel, …📉 have no effects on renters and particularly severe effects on highly leveraged households.” —@Benginal @RevOfFinStudies/1267510906596065280
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(I WILL fit the key findings of this abstract into 280 chars somehow, he kept muttering to himself under his breath.)