Table 2:

Regressions of Changes in Spending by Degree of House Price Decline Dependent variable: change in log spending

	HomeOwn (i)	Non-HomeOwn (ii)	Always HO (iii)	HomeOwn No Unemp (iv)	Same State (v)
$\mathbb{I}(Recession=1)$	0.063** (0.024)	−0.006 (0.062)	0.040 (0.028)	0.068** (0.024)	0.060** (0.026)
$\mathbb{I}(Tercile=2)$	0.053* (0.031)	0.086* (0.047)	0.045 (0.030)	0.051 (0.031)	0.045 (0.033)
$\mathbb{I}(Tercile=3)$	0.014 (0.026)	0.166** (0.046)	0.039 (0.028)	0.012 (0.027)	0.025 (0.031)
$$\begin{gathered} \mathbb{I}(Recession=1)\times \\ \mathbb{I}(Tercile=2) \end{gathered}$$	−0.051* (0.026)	0.003 (0.056)	−0.040 (0.030)	−0.058** (0.027)	−0.051* (0.029)
$$\begin{gathered} \mathbb{I}(Recession=1)\times \\ \mathbb{I}(Tercile=3) \end{gathered}$$	−0.104** (0.027)	−0.038 (0.072)	−0.098** (0.032)	−0.103** (0.027)	−0.114** (0.029)
Hypothesis Testing:
$$\begin{gathered} \mathbb{I}(Recession=1)\times \\ \mathbb{I}(Tercile=2)= \\ \mathbb{I}(Recession=1)\times \\ \mathbb{I}(Tercile=3) \end{gathered}$$	F=4.89 p-val=0.03	F=0.32 p-val=0.58	F=4.75 p-val=0.03	F=3.53 p-val=0.07	F=5.40 p-val=0.03
N	9,122	2,036	7,980	8,994	7,997

States are grouped in terciles of the distribution of house price declines from 2007q4 to 2009q2 (1st tercile includes states with the smallest declines; 3rd tercile includes states with the largest declines). Standard errors clustered at the state level in parentheses. ***, ** and * indicate significance at the 1%, 5% and 10% level, respectively. Other regressors are a quadratic in age, education dummies, marital status, household size, health status, indicators for household income and wealth quartiles, indicators for labor force status, time fixed effects and tercile-specific time trends. Estimated coefficients for these variables are in Table B.1 in the Appendix.