Real Estate Loan Delinquency, Property Prices and Alternative Income Opportunities
Evidence is shown, using US real estate default data from 1987–2004, that high default rates on mortgages are associated with prior period housing prices, rental income, inflation-adjusted household median income and interest rate fluctuations. This paper investigates the proposition: that the percentage of real estate defaults is a function of alternative income opportunities.
Brotman, Billie Ann. "Real Estate Loan Delinquency, Property Prices and Alternative Income Opportunities." Briefings in Real Estate Finance 5.3-4 (2005): 107-114.