That U.S. dollar figure is based onof mortgages in the United States in December of 2010, which estimated that one in five households that could have benefited from refinancing failed to do so. The inflation-adjusted value of the potential savings left on the table was calculated at US$11,500 for each household.Story continues below advertisement
A few months later, a friend of Prof. McCartney’s was looking to purchase a home in the same neighbourhood and asked for advice. It was a light-bulb moment that spurredthat provides evidence of a causal effect of socializing with the people who live nearest to us on the choices we make around our mortgages. In other words, it looks at how our neighbourhood friends affect our mortgage decisions.
What they found was that people did indeed make more similar choices to their next-door neighbours than neighbours farther away. “The most likely conclusion is that they were talking with their neighbours about their options,” Prof. McCartney said in an interview. “I know you’ll hate this answer,” Prof. McCartney said, “but it looks like it depends. At its heart, it’s a tough question to answer because it’s often hard to say that one mortgage decision is better than the other."
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