Research in Brief is a publication from the Community Development Studies & Education Department. Written for community development practitioners and other interested stakeholders, Research in Brief summarizes technical research produced throughout the Federal Reserve System.
A home purchase appraisal is intended to provide an independent estimate of a home's value, but 90 percent of appraisals have been at or above the agreed-upon offer price. The working paper, "Information Losses in Home Purchase Appraisals," by Paul S. Calem, Lauren Lambie-Hanson, and Leonard I. Nakamura of the Federal Reserve Bank of Philadelphia, investigates the extent of information loss in the appraisal process due to current property valuation methods. This edition of Research in Brief summarizes the findings of this working paper.
General-purpose reloadable (GPR) prepaid cards have long been associated with unbanked and low-income individuals; however, these products have gained in appeal across populations. The discussion paper, "Millennials with Money: A New Look at Who Uses GPR Prepaid Cards," by Susan Herbst-Murphy of the Federal Reserve Bank of Philadelphia and Greg Weed of Phoenix Marketing International, examines the characteristics of GPR cardholders and describes how continual uptake could affect the card's development in the marketplace. This edition of Research in Brief summarizes the findings of the discussion paper.
An increase in bankruptcy filings has initiated in-depth research on the topic of credit availability to households after filing for bankruptcy. "Credit Access After Consumer Bankruptcy Filing: New Evidence" is a working paper by Julapa Jagtiani and Wenli Li of the Federal Reserve Bank of Philadelphia that was released in 2014. This edition of Research in Brief summarizes the findings of the working paper, which suggests that the type of bankruptcy filing — Chapter 7 or Chapter 13 — can have an impact on a household's future access to credit.