Abstract
We use Google search data to develop a broad-based and real-time index of housing distress. Unlike established indicators, this new Housing Distress Index (HDI) directly reects sentiment revealed through search queries. Research ndings indicate that the HDI provides important new insights in the determination of subprime mortgage credit-default swaps, the VIX, foreclosures, and national or city-specic housing returns. Further, the eects of housing distress on returns are asymmetric and stronger during times of crisis. Overall, results suggest that real estate and related markets are highly sensitive to vulnerabilities in household nances as captured by our measure of housing distress. G02, R30, G12
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